Oil Prices Rise As Bullish Sentiment Builds

Crude oil began trade today with a gain on the back of expectations that China may begin to ease its Covid restrictions and on data from the American Petroleum Institute pointing to another decline in U.S. crude oil inventories. China’s Covid lockdowns have been one of the big headwinds for oil prices, keeping a lid on any rally since the summer as one of the world’s biggest consumers continues with its zero-Covid policy. Yet stock price movement data this week reflects growing hopes that Beijing will soon begin to relax restrictions,…