Crude prices also gained amid supply concerns in the US as winter storm has hit energy production across the country New Delhi: International crude oil prices rose on Tuesday as China’s plans to relax quarantine norms for inbound travellers revived hopes of demand recovery.
The February contract of Brent on the Intercontinental Exchange was trading at $84.76 per barrel, higher by 1.00% from its previous close.
The February contract of the West Texas Intermediate (WTI) rose 0.80% to $80.20 a barrel. Chinese authorities have said that starting 8 January, 2023 inbound travellers to China would not be subject to mandatory travel quarantine.
The country is the second largest importer of crude oil. Rahul Kalantri, vice president for commodities at Mehta Equities said: “Oil prices rose due to further relaxation in Chinese covid restrictions." He further said that, crude prices also gained after frigid cold and blowing winds on Friday knocked out power and cut energy production across the US, driving up heating and electricity prices.