(Bloomberg) — Oil clung to a three-week high as storm-hit US refineries restarted and China’s further easing of travel restrictions promised to bolster demand.
(Bloomberg) — Oil clung to a three-week high as storm-hit US refineries restarted and China’s further easing of travel restrictions promised to bolster demand.
Fuelmakers on the Texas Gulf Coast, including the country’s two largest, began ramping up production after freezing temperatures forced them to halt operations last week. At the same time, China’s quicker-than-expected opening is set to stoke gasoline and jet fuel demand, Amrita Sen, head of research at Energy Aspects, told Bloomberg TV. “China is going to be the biggest driver of oil prices next year,” she said.
Returning Chinese demand has taken the wind out of Russia’s ban on oil exports to countries agreeing to a price cap, Sen said. Most of the Group of Seven Countries adhering to the cap have already halted Russian purchases.
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–With assistance from Leen Al-Rashdan.
(Corrects Brent percentage change in price box below chart)
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