LONDON, Nov 11 Reuters Oil prices jumped by more than 3 on Friday after health authorities in China eased some of the country39;s heavy COVID curbs, raising hopes for improved economic activity and demand in the world39;s top crude importer.
Brent crude futures rose 2.89, or 3.1, to 96.56 a barrel by 1432 GMT, extending a 1.1 rise from the previous session.
U.S. West Texas Intermediate WTI crude futures gained 3.24, or 3.8, to 89.71 a barrel, after climbing 0.8 in the previous session.
The easing curbs include shortening quarantine times for close contacts of cases and inbound travellers by two days, as well as eliminating a penalty on airlines for bringing in infected passengers.
The first small steps towards easing of the regulations that were announced by the Chinese government this morning allowed oil prices to climb again, even though this by no means constitutes a departure from the country39;s strict zeroCovid policy, in our opinion, Commerzbank said.
Prices also picked up on Friday after milderthanexpected U.S. inflation reinforced hopes that the Federal Reserve would slow down rate increases, boosting chances of a soft landing for the world39;s biggest economy.
A weaker U.S. dollar also supported oil prices as it makes the commodity cheaper for buyers holding other currencies.
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