Lifting quarantine in China boosts oil prices.
Prices in the oil market are rising with the increase in demand in China, the world’s largest oil importer.
US crude oil saw above $119. Thus, increases were observed in four of the last five sessions in US crude oil. Brent oil rose above $120.
Referring to the decrease in production in Russia, Goldman Sachs predicted that there would be a need for an increase in global oil stocks and that prices should rise even more.
According to analysts’ forecasts, for global oil stocks to normalize by the end of 2023, the price of Brent oil per barrel must rise to an average of $135 over 12 months from July.
