Oil climbs as China boosts vaccinations, investors look to OPEC+

Oil rose as China refined its approach for dealing with Covid-19 after widespread protests against strict curbs, and investors looked ahead to an OPEC+ meeting that may see a supply cut to counter market weakness.

WTI for January delivery added 2.7 per cent to $79.31/bbl at 10:29 a.m. in London. Prices touched $73.60 on Monday, the lowest since December 2021.

Brent for January settlement gained 2.9 per cent to $85.62 a barrel on the ICE Futures Europe exchange.

Beijing said it would bolster vaccination among seniors, a move regarded by health experts as crucial toward reopening the economy. Prices were whipsawed on Monday following unrest in the world’s top crude importer at the weekend.

OPEC may consider supply cuts when members meet to assess output policy this weekend, potentially deepening curbs agreed the last time members convened in October. The gathering precedes a deadline for European Union curbs on Russian flows as the bloc struggles to agree on a price cap.

© 2022 Bloomberg L.P.

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