Oil news - appears to benefit from China's COVID - أخبار
Oil appears to benefit from China's COVID expansion, supply disruption:
After a 5% increase from the previous two sessions, West Texas Intermediate rose above $111 a barrel. China has made the biggest shift in its pandemic strategy to date by reducing the amount of time new arrivals must spend in isolation. Libya is facing more turmoil in its exports due to the worsening political crises, while Ecuador is witnessing protests that threaten to stop production in the former OPEC member country.
The shift in China could increase demand for oil even more, putting pressure on an already tight market that has been squeezed by Russia's economic recovery and slowing trade flows. OPEC+ will meet later this week to discuss its supply strategy, although some members were unable to meet their production targets for the
Gold remains under pressure:
▫️ Gold traded around $1,825 an ounce on Tuesday, settling near two-week lows, weighing on US Treasury yields that remain at elevated levels.
The metal also failed to hold on to daily gains on Monday when the United Kingdom, the United States, Japan and Canada formally banned new imports of Russian gold.