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Oil rebounds on optimism over China’s revamp of COVID protocols.
Oil prices rebounded on Thursday amid optimism over China’s easing of anti-COVID measures, recouping losses after slumping to the lowest levels so far this year in the previous session.
Brent crude futures rose $1 or 1.3% at $78.17 per barrel by 0750 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained $1 or 1.4% to $73.01 per barrel.
China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, loosening rules that curbed the spread of the virus but sparked protests and hobbled the world’s second-largest economy.
