Oil rebounds on demand outlook after China reopens
Oil starts the week rebounding after falling around 8% last week. Brent and West Texas prices have risen over the past week. increases of more than 1%.The global economic recovery, supported by good demand prospects following the reopening of China, overshadowed concerns related to the global recession.
The elimination of local and border restrictions in the Asian giant, the normalization of mobility and the reopening of international travel have led to an increase in economic activity. strong tailwind for oil markets. “The removal of significant restrictions in China as well as a major reopening seem to be the main drivers of this movement,” notes XTB.
Thus, the price of Brent European benchmark Brent crude oil futures settled at $79.67 a barrel, while European benchmark European crude oil futures settled at $79.67 a barrel. West Texas rose to $74.76.
Last week, both barrels racked up losses of more than 8%, marking their biggest weekly drop at the start of the year since 2016.
“While it remains to be seen whether this upward movement will continue, these are clearly positive signs on the demand side and, without a movement on the supply side, we could see that prices could… test nearby resistance areas.“, add the analysts.
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