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Chinese reopening prospect boosts oil prices

Oil prices rose sharply on Wednesday, boosted by the prospect of a Chinese reopening, which would boost demand despite the large increase in US reserves.

Brent for March delivery was up 3.20% to $82.67 and WTI for February was up 3.04% to $77.41.

The rise in prices is based on “the expectation that China will recover,” Bart Melek of TD Securities told AFP. “We consider that there could be, in six to nine months, an additional 1 million or 1.5 million barrels ordered by China.”

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