{"id":2783,"date":"2022-12-19T15:00:18","date_gmt":"2022-12-19T15:00:18","guid":{"rendered":"https:\/\/roydadnaft.ir\/English\/?p=2783"},"modified":"2022-12-19T15:00:20","modified_gmt":"2022-12-19T15:00:20","slug":"oil-rises-over-1-on-hopes-for-chinas-economy","status":"publish","type":"post","link":"https:\/\/roydadnaft.ir\/English\/2783\/","title":{"rendered":"Oil rises over $1 on hopes for China&#8217;s economy"},"content":{"rendered":"<div class=\"entry-content\" itemprop=\"description\">\n<p>Oil rose more than $1 a barrel on Monday, rebounding after a decline in the previous session, as optimism over the Chinese economy and a recovery in fuel demand outweighed concern over a global recession.<\/p>\n\n\n\n<p>China, the world&#8217;s top crude oil importer, is experiencing its first of three expected waves of\u00a0COVID-19 cases\u00a0after Beijing relaxed mobility restrictions but said it plans to step up\u00a0support for the economy\u00a0in 2023.<\/p>\n\n\n\n<p>&#8220;There is no doubt that demand is being adversely influenced,&#8221; said Naeem Aslam, analyst at brokerage Avatrade.<\/p>\n\n\n\n<p>&#8220;However, not everything is so negative as China has vowed to fight all pessimism about its economy, and it will do what it takes to boost economic growth.&#8221;<\/p>\n\n\n\n<p>Brent crude gained $1.12, or 1.4%, to $80.16 a barrel by 1440 GMT while U.S. West Texas Intermediate crude rose $1.42, or 1.9%, to $75.71.<\/p>\n\n\n\n<p>Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year&#8217;s gains as supply concerns were edged out by recession fears, which remain a drag on prices.<\/p>\n\n\n\n<p>The U.S. Federal Reserve and European Central Bank raised interest rates last week and promised more. The Bank of Japan, meanwhile, could\u00a0shift its ultra-dovish stance\u00a0when it meets on Monday and Tuesday.<\/p>\n\n\n\n<p>&#8220;The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil,&#8221; said Stephen Brennock of oil broker PVM.<\/p>\n\n\n\n<p>Oil was supported by the U.S. Energy Department saying on Friday that it will begin\u00a0repurchasing crude\u00a0for the Strategic Petroleum Reserve &#8211; the first purchases since releasing a record 180 million barrels from the reserve this year.<\/p>\n<div class=\"post-date no-social-btn post-updated\">Updated on<time class=\"updated dt-updated\" itemprop=\"dateModified\" datetime=\"2022-12-19T15:00:20+00:00\"> 19 December 2022<\/time><\/div><\/div>","protected":false},"excerpt":{"rendered":"Oil rose more than $1 a barrel on Monday, rebounding after a decline in the previous session, as optimism over the Chinese economy and a recovery in fuel demand outweighed concern over a global recession. China, the world&#8217;s top crude oil importer, is experiencing its first of three expected waves of\u00a0COVID-19 cases\u00a0after Beijing relaxed mobility [&hellip;]","protected":false},"author":1,"featured_media":2784,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[17,36,19,16],"tags":[],"services":[],"class_list":["post-2783","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-lastnews","category-news","category-oil"],"_links":{"self":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2783","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/comments?post=2783"}],"version-history":[{"count":0,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/posts\/2783\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media\/2784"}],"wp:attachment":[{"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/media?parent=2783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/categories?post=2783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/tags?post=2783"},{"taxonomy":"services","embeddable":true,"href":"https:\/\/roydadnaft.ir\/English\/wp-json\/wp\/v2\/services?post=2783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}