USA: On Tuesday, oil prices surpassed $80 per barrel after China relaxed COVID-19 restrictions and winter storms in the United States impacted oil production.
Brent crude, the global benchmark price, rose 0.66% to $80.22 per barrel as of 10:10 a.m. (UAE time), the highest since December 5.
The benchmark oil price, West Texas Intermediate (WTI), which is produced in the United States, increased by 0.76% to $84.68 per barrel.
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China has announced that beginning January 8, no longer will travellers be required to quarantine.
Since the outbreak of the disease, the Asian state has followed a zero-COVID policy and closed its borders for about three years.
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The repeal of quarantine rules is expected to reopen the world's largest energy consumer to inbound travel and increase oil demand.
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"I would anticipate a significant opening... "That, more than an oil price cap, has profound implications for the global economy," Singapore Minister of Foreign Affairs Vivian Balakrishnan told CNBC on December 6.
Winter storms forced the closure of some oil refineries in the United States. Several production units at the Pemex Deep Park refinery in Texas ceased operations last week, resulting in a loss of more than 300,000 barrels per day.