Oil Gains Most Since October on Rising Faith in China’s Recovery
- China boosts crude buying; US inflation moderates in December
- WTI, Brent post biggest weekly increases since October
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Oil posted its largest gain in three months this week, mostly recouping the prior week’s steep decline, as confidence in China’s recovery solidified among traders.
West Texas Intermediate rallied above $79 a barrel on Friday, capping a more than 8% weekly advance that marked its strongest week since October. China is ramping up purchases of crude after Beijing issued a fresh round of import allowances, and consumption is poised to surge to a record this year following the nation’s dismantling of its Covid Zero policy.