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Oil Advances After China Eases Some Strict Covid Zero Measures

  • China cuts quarantine for inbound travelers, scraps flight ban
  • WTI futures climb above $88, still down around 4% this week
Updated on

Oil jumped after China announced some easing of its strict Covid Zero measures, a move that could spark more local and international travel and lift commodity demand.

China reduced the amount of time people entering the country must spend in quarantine and will scrap a system that penalizes airlines for bringing Covid cases into the nation, according to the National Health Commission. West Texas Intermediate futures advanced almost 3% to trade above $88 a barrel.