The oil market made a positive start to the new week after China lifted quarantine measures.
Oil rises on positive signals in China and the expectation that the Fed will implement less restrictive monetary policy. U.S. crude rose to $75 a barrel on Monday after closing last week down 8 percent.
Oil made a weak start to 2023. However, top hedge fund manager Pierre Andurand said crude oil could exceed $140 a barrel this year if Asia reopens after the Covid-related shutdowns.
The Biden administration is delaying purchases to replenish the emergency oil reserve after deciding that the bids are either too costly or do not meet the required specifications.