Oil Prices Set For Weekly Gain As China Eases Covid Restrictions

After a string of weekly declines, this week crude oil prices look set for a gain on news that China is relaxing Covid-related restrictions. Indeed, Reuters reported earlier today that some Chinese cities where Covid cases are still on the rise are relaxing their testing and quarantine rules, following protests in several cities. In some of these, protesters clashed with police. Bloomberg reported today that as a result of these developments, oil prices could book their biggest gain in almost two months, helped by reports that the U.S. administration…