Oil prices continued to rise on Tuesday due to the expectation that Chinese demand for the fuel will continue to increase. The second largest economy in the world is taking further steps to release the strict Corona policy. For example, travelers going to China will no longer have to quarantine from January 8. The country opens its borders after three years of isolation.
The persistent cold winter weather in the United States, the world’s largest economy, also drove oil prices. The American freezing weather led to closures of refineries in the important oil production area on the Gulf Coast of Texas. More than a third of the refining capacity on the Texas Gulf Coast was closed in recent days, including the two largest refineries in the US.
The price of a barrel of US oil rose by 0.9 percent in Asian trade on Tuesday morning to $ 80.30. Brent oil became 1 percent more expensive at $ 84.75 per barrel.
Last week, oil prices already showed the strongest increase since October due to Russia’s threat to pump up less oil in protest against the maximum price set by many Western countries for Russian oil. This week, president Vladimir Putin is expected to sign a decree detailing the joint measures Russia is taking in response to the maximum price.
About the author: Wesley C Waldo
Wesley C Waldo, a promising writer who is preparing to publish his first novel in 2023. Travels a lot and collects the clues for a new book. He writes on social topics, sometimes describes an event or two.