LONDON: Oil prices jumped by more than three per cent on Friday after health authorities in China eased some of the country’s heavy Covid curbs, raising hopes for improved economic activity and demand in the world’s top crude importer.

Brent crude futures rose $2.89, or 3.1pc, to $96.56 a barrel by 1432 GMT, extending a 1.1pc rise from the previous session.

US West Texas Intermediate (WTI) crude futures gained $3.24, or 3.8pc, to $89.71 a barrel, after climbing 0.8pc 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.

Published in Dawn, November 12th, 2022