February 8, 2023

Dubai Week

Complete Dubai News World


The oil recovered two days after the loss

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Oil prices rose again after two days of losses in a volatile session on Thursday, triggered by expectations of a weaker dollar and easing some locking restrictions that could boost China demand.

Crude oil indices continued to wave sharply as Brent and US crude rose by $ 5 a barrel in a matter of hours, recovering from losses earlier in the week.

Brent crude futures rose $ 2.93 or 2.7 percent to $ 112.04 a barrel. U.S. light crude futures also rose $ 2.62 or 2.4 percent to $ 112.21 a barrel.

In China, investors have been closely monitoring plans to ease corona virus control since June 1 in the populous city of Shanghai, which could lead to a recovery in oil demand from the world’s largest crude importer.

Oil markets also recovered from the fall of the dollar. The dollar index fell one percent today after recent gains.

Since most of the global crude oil transactions are done in dollars, oil indices often move upside down against the dollar, so the rise of the US currency makes crude oil more expensive for major importers.


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