SINGAPORE : Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.Brent crude futures had risen 53 cents, or 0.7 per cent, to $79.10 a barrel by 0114 GMT while U.S. West
SINGAPORE : Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.
Hopes for less-aggressive U.S. interest rate rises are buoying financial markets and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies. "Crude oil futures had their biggest weekly losses in a month due to recession fears as oil prices have been positively correlated with inflation since 2022, though China's reopening may buffer the decline in the near term," CMC Markets analyst Tina Teng said in a note.
Domestically, some 2 billion trips are expected during the Lunar New Year season, nearly double last year's movement and recovering to 70 per cent of 2019 levels, Beijing says.
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