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Oil steadies as China COVID hopes offset by OPEC+ output concerns

Brent Crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. U.S. West Texas Intermediate (WTI) crude futures were 53 cents higher at $77.77.

November 29, 2022 / 10:34 PM IST
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Oil steadied on Tuesday as gains on hopes for a loosening of China's strict COVID-19 controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting.

Brent Crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. U.S. West Texas Intermediate (WTI) crude futures were 53 cents higher at $77.77.

Chinese health officials said the country plans to speed up COVID-19 vaccinations for elderly people, aiming to overcome a key stumbling block in efforts to ease unpopular "zero-COVID" curbs.

"The prospect of a return to normality, in an economy that is the world's largest oil importer, was enough to make oil prices jump in the first significant price rebound of the last two weeks," said ActivTrades analyst Ricardo Evangelista.