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Oil jumps after China eases some strict Covid zero measures

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Oil jumped after China announced some easing of its strict Covid Zero strategy, a policy that’s weighed on commodity demand.

West Texas Intermediate rose as much as 1.7% to trade near $88 a barrel. China reduced the amount of time people entering the country must spend in quarantine and will scrap a system that penalizes airlines for bringing virus cases into the nation, according to the National Health Commission.

China’s Covid Zero strategy relies on lockdowns and mass testing to stamp out infections, which has weighed on the nation’s economy. Daily infections have climbed to the highest since April as China’s top leaders reinforced the need to stick with the policy, although they urged officials to be targeted with curbs.

Prices:
  • WTI for December delivery was 1.7% higher at $87.97 a barrel at 1:48 p.m. in Singapore.
  • Brent for January settlement surged 1.6% to $95.19 a barrel.

© 2022 Bloomberg

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