MELBOURNE: Oil prices rose again on Wednesday as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron Covid-19 variant and as China said it would be able to sustain economic growth.
US West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7 per cent, to $71.62 a barrel at 02:35 GMT after jumping 3.7 per cent on Tuesday. Brent crude futures rose 44 cents, or 0.6 per cent, to $74.42 a barrel after gaining 3.4 per cent. Oil prices typically move inversely to the US dollar, with a weaker greenback making commodities cheaper for those holding other currencies.
Meanwhile, a senior Chinese state planning official said on Wednesday Beijing would work to aid economic growth, including stepping up government spending, strengthening support to manufacturers and stabilising industry supply chains.
The country, the world’s biggest oil importer, would “strive to stabilise economic operations in the first quarter, the first half and even the whole year,” the official said.
— Reuters
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