SINGAPORE :Oil prices rose to three-week highs on Tuesday as China's latest easing of COVID-19 restrictions raised fuel demand hopes and concerns that winter storms across the United States are affecting energy production continued to buoy prices. Brent crude was up 88 cents, or 1.1 per cent, at $84.80 a barr
SINGAPORE :Oil prices rose to three-week highs on Tuesday as China's latest easing of COVID-19 restrictions raised fuel demand hopes and concerns that winter storms across the United States are affecting energy production continued to buoy prices.
On Friday, Brent rose 3.6 per cent, while WTI gained 2.7 per cent. Both benchmarks recorded their biggest weekly gains since October. British and U.S. markets were closed on Monday for the Christmas holiday. The greenback softened on Tuesday following this announcement. A weaker dollar makes oil cheaper for holders of other currencies and usually reflects greater investor appetite for risk.
Airlines had cancelled nearly 2,700 U.S. flights as of Saturday afternoon after the weather snarled airport operations around the country.
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