Oil on Monday rose by more than 1% on optimism over Chinese demand, which analysts expect to rebound this year after COVID-19 curbs that had limited use were scrapped
Brent crude oil prices have slipped nearly 15 per cent in the last few weeks, from a peak of around $98 a barrel to a little over $83 a barrel now despite OPEC+ cutting supply
Brent for October settlement reached a three-week high, trading up $1.30, or 1.3%, at $101.52 a barrel by 0850 GMT. U.S. crude was up $1.18, or 1.3%, at $94.92 a barrel.
Prices rose more than 1% during the previous session, although Brent at one point fell to its lowest since February, as signs of a slowdown mounted in some places
Oil fell on Wednesday to a 6 month low after a brief respite as concerns about the prospect of recession that would weaken demand overshadowed a report showing lower US crude & gasoline stocks
The easing of China's COVID-19 lockdowns also supported prices, as investors grew more optimistic about demand from the world's second-largest economy.
The Russia-Ukraine crisis has sprung up worries for the sector yet again as analysts say margins of chemical companies will be impacted due to the rise in prices of crude oil
Brent crude of $120 a barrel, Credit Suisse estimates, could add $60 billion to India's import bill. Price rises for gas, coal, edible oils and fertilisers could add another $35 billion.
A sustained rise in oil, food prices would have adverse impacts on Asia's economies. India, Thailand and the Philippines are the biggest losers, while Indonesia would be a relative gainer, Nomura said
Though analysts believe diplomatic efforts will continue leading to a stabilisation and an eventual easing of these tensions, it may take several months for this to happen
Oil prices rose on Monday, with Brent crude futures at their highest in more than three years, as investors bet supply will remain tight amid restrained output
