Crude oil futures ended higher on Monday (Feb. 6) following expectations of a recovery in oil demand in China as the government eases COVID-19 containment measures.
- WTI crude futures rose 72 cents, or 1%, to close at $74.11 a barrel.
- Brent crude futures increased $1.05, or 1.3%, settling at $80.99 a barrel.
Oil demand in China is expected to recover after the government relaxes COVID-19 restrictions and opens up the country to both inbound and outbound tourists. The International Energy Agency (IEA) also projects growth in global oil demand in the first half of the year, driven by China.
Reports of strong earthquakes in Turkey and Syria disrupted oil exports at the port of Seyhan in Turkey, also boosting crude oil futures. However, the strong dollar and concerns over a slowdown in large domestic economies, which could impact oil demand, put pressure on crude oil futures during the day.
Investors are closely watching the impact of the ceiling on Russian oil prices set by the G7, European Union, and Australia, which took effect on Sunday, February 5. The measure sets a ceiling of $100 per barrel for diesel and oil products trading above crude oil prices, and $45 per barrel for oil products trading below crude oil prices.
The Spot Market is Open
Tuesday, February 7, 2023
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 11.20 | 74.88 | +0.77 | +1.04% |