Hopes of China easing Covid curbs lifts oil prices
New Delhi — Oil prices inched higher in Asian trade on Friday on hopes for further relaxation of Covid curbs in China, which could help demand recover in world’s second biggest economy, though a firmer US dollar capped gains.
IMF MD Kristalina Georgieva said on Friday a further calibration of China’s Covid strategy would be critical to sustaining and balancing the economy’s recovery. Meanwhile, EU governments tentatively agreed on a $60 a barrel price cap on Russian seaborne oil with an adjustment mechanism to keep the cap at 5% below the market price, according to diplomats and a document seen by Reuters.
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