Oil Prices Up as China Reopens Borders | Crude Oil News & Chart Update

Oil prices have been climbing at the start of the week after China announced it will be lifting all restrictions on travel after three years of Covid-19 bans.

WTI Crude oil is up 1.9% at the time of recording and trades for $75.99. Crude oil is actually having a tough start to 2023 with the price falling 8% last week.

Bullish traders are hoping for a turnaround and have been looking at China but also the indications from the FED about rate hikes.

Some hints that hikes will become fewer and smaller, as well as hope for a weaker dollar might also have a role in today's rally.

Where do you think oil prices are headed next? Let us know in the comments and give us a thumbs up if you liked our crude oil price update!

Chapters:
00:00 Intro
00:23 Crude Oil news - China reopens, FED slowing down rate hikes
06:57 Crude Oil support and resistance
07:29 Crude Oil technical analysis
13:18 Recap

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[simpiwemaqwara]

China has a huge oil reserves, COVID 19 variants are still spreading and we are in a recession.I'm bearish. Your analysis is appreciated Danielle - thank you

[Showsable]

With hourly wage rate slightly declining coupled with and expected lower CPI rate to be announced Thursday it may result in a slow rate at which the US Fed adjust thier interest hick. The effect is a slightly weaker dollar, which tends to supports greater oil demand and higher oil prices.

However, the recession sentiment or low growth rate of growth in major economies such as China, Europe and the USA may have a greater impact on the price of oil for the next few months. Which would benefit the Biden Administration SPR refill price objective. It will be interesting how OPEC+ will respond at its next meeting.

[gooldii]

Sounds like Metal....scratching Metal....brrrr.

[TheRIBLING]

With China purchasing oil at $60(embargo) from Russia how will China reopening raise the price of oil?

[JohndJost]

*Despite the economic downturn, I'm so happy 😊. I have been earning $ 60, 200 returns from my $7, 000 investment every 13days.*