Oil prices rose by more than $4 on Friday before paring some gains amid uncertainty around future interest rate hikes by the US Federal Reserve, while a looming EU ban on Russian oil and the possibility of China easing some Covid restrictions supported markets.
Though fears of global recession capped gains, Brent crude futures were up $2.63, or 2.8%, at $97.30 a barrel by 1608 GMT, set for a weekly gain of about 2.5%.
US West Texas Intermediate (WTI) crude futures were up $2.96, or 3.4%, at $91.13 and on course for a weekly gain of nearly 5%.
China is sticking to its strict Covid-19 curbs after cases rose on Thursday to their highest since August, but a former Chinese disease control official said substantial changes to the country’s Covid-19 policy are to take place soon.
China’s stock markets have been buoyed this week by the rumours of an end to stringent lockdowns despite the lack of any announced changes. However, signals about the size of US interest rate hikes caused oil to pare some gains.
The US Labour Department’s non-farm payrolls report on Friday showed a rise in the unemployment rate to 3.7% last month from 3.5% in September.
Published in The Express Tribune, November 5th, 2022.
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