West Texas Intermediate (WTI) crude futures in New York closed higher on Tuesday (Nov. 29), citing hopes that China would ease its COVID-19 containment measures. and will return to open the country However, concerns that the Organization of the Petroleum Exporting Countries (OPEC) and its allies (OPEC Plus) will maintain their production policy at Sunday’s meeting will help boost oil demand. has removed the positive momentum of oil contracts
The WTI crude oil contract will be introduced in January. They were up 96 cents, or 1.2%, at $78.20 a barrel.
The Brent crude oil contract (BRENT) will be introduced in January. It was down 16 cents, or 0.2%, at $83.03 a barrel.
China’s National Health Commission said today that China will encourage the elderly to be vaccinated against COVID-19. experts consider such action to be an important factor in opening the country After the government imposed strict epidemic control measures through the zero COVID policy.
Meanwhile, Beijing announced the erection of barricades at the entrance to apartments where COVID-19 patients were inside, saying nothing would prevent medical aid or exiting the building in emergency situations. The city of Guangzhou has announced that it will refrain from installing carpets to test for COVID-19. big time for the wider public noting the need to conserve resources while the city of Urumqi the capital of xinjiang Fresh markets and businesses are allowed to reopen this week in low endemic areas. Including a public bus service.
The relief measures came after Chinese citizens took to the streets in economically important cities. to protest against the government’s continued use of lockdown measures to stop the spread of COVID-19 This is affecting people’s livelihoods and causing shortages of food and drinking water.
However, oil contracts are breaking the positive range. Having predicted that OPEC Plus will cut output by 2 million barrels per day for the month of December at its meeting on December 4, maintaining production policy. After the previous meeting on October 5, OPEC Plus decided to cut output by 2 million bpd for November.
