U.S. oil futures end at highest in 2 weeks
Oil futures climbed on Thursday, with U.S. prices posting their highest settlement in two weeks. Prices got a boost as China moved to ease some COVID-19 restrictions ahead of a meeting of major oil producers set for Sunday. "With the apparent easing in China's COVID policy, the possibility that the [Federal Reserve] is going to slow its interest rate hikes, and the somewhat improved inflation news," it seems likely that OPEC+ will keep production steady, said Michael Lynch, president of Strategic Energy & Economic Research. U.S. benchmark WTI crude for January delivery rose 67 cents, or 0.8%, to settle at $81.22 a barrel on the New York Mercantile Exchange, the highest finish for a front-month contract since Nov. 17, FactSet data show.
(END) Dow Jones Newswires
December 01, 2022 14:47 ET (19:47 GMT)
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