Oil prices rose in early trading on Monday, January 9, after an influx of travellers to China following the reopening of borders raised fuel demand expectations and partially offset fears of a global recession.

Brent crude futures rose by 53 cents, or (0.7%), to record 79.10 dollars per barrel, and West Texas Intermediate crude rose by 46 cents, or 0.6%, to record 74.23 dollars per barrel.

Moreover, both Brent and West Texas Intermediate crude fell by more than 8% in the past week, which is the largest weekly decline for Brent crude and the American mediator at the beginning of a new year since 2016.

China, the world’s second-largest oil consumer, opened its borders on Saturday, January 07, for the first time in three years, boosting expectations for its demand for transport fuel.

The number of domestic flights in China is expected to reach two billion during the Lunar New Year season, nearly double last year’s traffic.