Oil surges on easing of coronavirus restrictions in China

The world oil prices rose by around 1% on Thursday morning as markets are responding to the mitigation of coronavirus restrictions in China, Report informs, citing the trading data.

The February futures for Brent oil grew by 0.89% to $77.86 per barrel and January futures for WTI rose by 0.94% to $72.69.

China eased the coronavirus restrictions in a number of the cities, including in Shanghai and Hángzhōu, as well as Urumqi. The restrictions in Hong Kong have also been eased.