empty
 
 

2022.11.2919:11:00UTC+00Oil Futures Settle Higher For 2nd Straight Day

Crude oil futures settled higher on Tuesday, extending gains from the previous session, amid hopes the Chinese government will consider relaxing its zero-Covid policy sometime soon.

Investors are also hoping the Organization of the Petroleum Exporting Countries and their allies, known collectively as OPEC+, will look to support prices. The group is scheduled to meet later this week.

West Texas Intermediate Crude oil futures for January ended higher by $$0.96 or about 1.2% at $78.20 a barrel.

Brent crude futures were up $0.68 or 0.82% at $84.57 a barrel a little while ago.

Mainland China reported the first decrease in new Covid infections in more than a week on Monday, generating some positive sentiment.

Chinese health officials also released a plan to boost vaccinations for elderly people and said they are "closely watching" the virus as it evolves and mutates.

The officials defended China's zero-Covid policy at a press briefing on Tuesday but said lockdowns would be lifted "as quickly as possible."

Traders also looked ahead to weekly oil reports from the American Petroleum Institute (API) and the Energy Information Administration (EIA).

The API's report is due later today, while EIA is scheduled to release its inventory data Wednesday morning.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback