Rising Oil Prices Amid Hopes for Increased Demand

Oil prices rose in trading on Tuesday, supported by China taking steps to ease its strict "zero COVID" policy, which bolstered hopes for increased demand for crude oil, according to "Russia Today." As of 09:14 Moscow time, U.S. West Texas Intermediate crude futures increased by 0.85% to $80.24 per barrel. Meanwhile, global Brent crude futures rose by 0.81% to $84.60 per barrel, according to Bloomberg data. Chinese authorities announced their intention to open the country's borders and eliminate the COVID-19 quarantine period starting January 8, 2023. This effectively ends the measures imposed for nearly three years under the "zero COVID" policy.