Oil is rising due to easing of quarantine measures in China

Oil prices rose as Chinese government officials plan to ease some of the Covid-19 lockdown measures.

China plans to reduce the period of isolation to seven days upon entering the country. Currently, the quarantine takes 10 days, writes Bloomberg with reference to anonymous sources.

China’s Covid Zero strategy this year has had a negative impact on global demand for crude oil. In the last trading cycle, the country’s oil purchases were frozen, even after refiners received new quotas to export petroleum products.

Previously, USM wrote that Brent oil rose in price as a result of OPEC+ production cuts.