Oil prices jumped by about 3% on Nov. 11 after health authorities in China, the top global crude importer, eased some of the country's heavy COVID curbs.
Brent crude futures rose $2.86, or 3.1%, to $96.53 a barrel by 11:45 GMT, extending a 1.1% rise in the previous session.
U.S. WTI crude futures gained $2.87, or 3.3%, to $89.34 a barrel, after climbing 0.8% in the previous session.
The easing curbs include shortening quarantine times for close contacts of cases and inbound travelers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers.
"The first small steps towards easing of the regulations that were announced by the Chinese government this morning allowed oil prices to climb again, even though this by no means constitutes a departure from the country's strict zero-COVID policy, in our opinion," Commerzbank said.
Prices also picked up on Nov. 11 after milder-than-expected U.S. inflation data reinforced hopes that the Federal Reserve would slow down rate increases, boosting chances of a soft landing for the world's biggest economy.
A weaker U.S. dollar also supported oil prices as it makes the commodity cheaper for buyers holding other currencies.
Still, the benchmark oil contracts were headed for weekly declines due to rising U.S. oil inventories and lingering fears over capped fuel demand in China amid an uptick in daily COVID cases.
China's COVID-19 case load soared to its highest since the lockdown in Shanghai earlier this year. Both Beijing and Zhengzhou reported record daily cases.
Besides work-from-home orders reducing mobility and fuel demand, travel across China remained subdued as people wanted to avoid the risk of being caught up in quarantine, ANZ Research analysts said in a note.
2022-11-22 - The deal includes Clearfield, Elk and McKean counties, Pennsylvania, assets with current net production averaging about 17 MMcf/d.
2022-11-21 - Shares in Ranger Oil, which operates in the Eagle Ford Shale, jumped over 5% on Nov. 18 after Reuters reported the company’s sale efforts.
2022-09-25 - Proceeds from the new fund were used to purchase an existing portfolio of assets in the Marcellus, Woodford and Cotton Valley gas plays from affiliated Outfitter managed funds.
2022-09-25 - Silver Hill Energy Partner’s latest fundraising uniquely positions the Dallas-based firm to “make rapid decisions as attractive oil and gas assets become available for acquisition,” Founder, President and CEO Kyle D. Miller said.
2022-09-22 - This month Oil and Gas Investor spotlights Stephen DeSalvo, COO and country manager of Saba Energy where his current work is focused on Belize, in its Who’s Who in E&P A&D.