February 8, 2023

Oil prices rose significantly today, Monday, a day after an influx of travelers to China following the reopening of borders raised expectations for fuel demand and partly offset fears of a global recession.

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Brent futures rose 53 cents, or 0.7%, to $79.1 a barrel.

While West Texas Intermediate oil in the US fixed $74.23 per barrel, up 46 cents or 0.6% higher.

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Brent and West Texas Intermediate oil prices fell more than 8% last week, the biggest weekly drop at the start of the new year since 2016.

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