empty
 
 

2022.05.2309:57:00UTC+00Oil Prices Climb On China Demand Hopes

Oil prices rose over 1 percent on Monday amid hopes that fuel demand in China could be sustained.

Benchmark Brent crude futures climbed 1.1 percent to $111.19 per barrel, while U.S. crude futures were up 1.1 percent at $111.53.

There are expectations of renewed demand in China as Shanghai lifted some of its restrictions after a two-month lockdown.

Shanghai will reopen in stages and aims to return to normal life in June, raising expectations for increased fuel demand from the world's to crude importer.

A slightly weaker dollar and expectations of solid demand heading into the peak U.S. driving season also supported prices.

The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labor Day in September.

Meanwhile, U.S. President Joe Biden said today he is "considering" lifting some trade tariffs on China, noting they were not imposed by his administration.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $8000 more!
    In March we raffle $8000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback