Following major protests, China has eased some of its zero-COVID policies while oil prices hit their lowest level since December 2021.
One big reason oil prices have declined: Europe’s ban on Russian oil shipments included a mechanism for it to flow elsewhere.
SINGAPORE (Reuters) -Oil prices rebounded in Asian trade on Thursday after slumping to their lowest level this year in the previous session, though concerns of economic slowdowns weakening fuel demand continued to cap gains. Brent crude futures were up 70 cents or 0.9% at $77.87 per barrel by 0500 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 74 cents or 1.0% to $72.75 per barrel. He added that worries about demand would remain a key overhang for oil prices, while positive catalysts including the supply-demand imbalance and China's reopening hopes have been short-lived.