the prices of Petroleum recovered from two days of losses after a volatile session on Thursday, buoyed by dollar weakness and expectations that the China could ease some lockdown restrictions that could increase demand.
Oil benchmarks continued their wave of wide swings, with Brent and US oil USA rising nearly $5 a barrel in the span of a few hours, recovering from losses earlier in the week.
“The market has been extremely volatile,” said Andrew Lipow, president of Lipow Oil Associates in Houston.
“The market is reacting to all kinds of different headlines every hour, and the movement in oil markets on a day-to-day basis is getting even more exaggerated.”
Brent futures for July closed at $112.04, up $2.93 a barrel, or 2.7%.
US crude (WTI) for June closed up $2.62, or 2.4%, to $112.21 a barrel.
In China, investors are closely following plans to ease restrictions on coronavirus from June 1 in the most populous city of Shanghai, which could lead to a rebound in oil demand from the world’s largest oil importer.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
