, 2023-01-09 16:38:20,
China started reopening its borders on Sunday, ending long quarantine requirements for travelers, while the U.S., South Korea, Japan, Australia, Italy, Canada, and others are requiring Chinese travelers to have a negative COVID-19 test before departing the country, drawing sharp rebukes from Chinese officials.
Edward Moya, a senior market analyst for OANDA in New York told FOX Business, “Oil prices are rising on hopes that China’s reopening is beginning to gain traction, and alongside a weakened dollar, it’s a cherry on top for today’s oil market rally.”
“Chinese refineries have impressive quotas too, which suggest crude demand is roaring back,” he continued. “There are also hopes that China’s Lunar New Year will see robust jet fuel demand.”
On Monday, the cost of West Texas Intermediate has spiked roughly 3% to $75.55 a barrel, while…
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