Oil prices rise at the end of the trading week on news from China

Oil prices sharply accelerated their growth on Friday after reports emerged that China is easing anti-bullying measures for arrivals to the country.

The current quotation of Brent crude oil is $96.60 per barrel. North American WTI crude oil rose during the day to the level of $89.50 per barrel.

According to the new rules, those arriving in China will now spend less time in self-isolation – five days instead of seven in their designated place. After that, they will have to spend another three days in self-isolation at the place of residence. The authorities have not yet specified when exactly the measure will come into force, and whether it will work equally for both foreigners and Chinese citizens.

For air travel to China, it is now necessary to pass only one negative coronavirus test 48 hours before departure. Previously, two negative tests were required.

The sharp weakening of the US dollar provided additional support to oil prices. The ICE index, which shows the dynamics of the dollar against six currencies (euro, Swiss franc, yen, Canadian dollar, pound sterling and Swedish krona), fell by about 2% yesterday after data on slowing inflation in the United States.

The growth rate of consumer prices in the country in October increased by 7.7% compared to October last year after an increase of 8.2% in September. Thus, inflation slowed to a minimum since January and turned out to be significantly lower than analysts' forecasts.