Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week's gains on the prospect of an economic recovery in top oil importer China this year.
Brent crude futures was down by 46 cents, or 0.5%, to $87.17 at 0349 GMT, while U.S. West Texas Intermediate crude futures fell 36 cents, or down 0.4%, to $81.28 a barrel.Analysts said that the optimism around China's reopening will likely drive oil prices higher.
Data shows a solid pick-up in travel in China after COVID-19 curbs were eased, ANZ commodity analysts said in a note, pointing to a 22% jump in road traffic congestion so far this month from a year earlier in the country's 15 key cities.this year if the Chinese economy rebounds the way financial institutions expect.
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China rings in Lunar New Year with most COVID rules liftedBEIJING (AP) — People across China rang in the Lunar New Year on Sunday with large family gatherings and crowds visiting temples after the government lifted its strict “zero-COVID” policy, marking the biggest festive celebration since the pandemic began three years ago.
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China Celebrates Lunar New Year With Most COVID Rules LiftedPeople across China rang in the Lunar New Year on Sunday with large family gatherings and crowds visiting temples after the government lifted its strict “zero-COVID” policy, marking the biggest festive celebration since the pandemic began three years ago.
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China rings in Lunar New Year with most COVID rules liftedPeople across China are ringing in the Lunar New Year with large family gatherings and crowds visiting temples after the government lifted its strict “zero-COVID” policy, marking the biggest festive celebration since the pandemic began three years ago.
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Major Gulf stocks rise on higher oil prices, China demand prospectsMost major Gulf markets ended higher on Sunday, reflecting Friday's rise in oil prices driven by prospects that an upbeat economic growth outlook from China could signal increased fuel demand in the world's second-largest economy.
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