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Oil prices rise after China opens its borders

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.

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Arab Iron and Steel Union

لوريم ايبسوم هو نموذج افتراضي يوضع في التصاميم لتعرض على العميل ليتصور طريقه وضع النصوص بالتصاميم سواء كانت تصاميم مطبوعه لوريم ايبسوم ليتصور طريقه لوريم ايبسوم.

About AISU

Arab Iron and Steel Union was established in Algeria in 1972 as the first Arab Union of the Arab countries to be founded under the Council of Economic Unity umbrella in the League of Arab States.

It is the first Arab organization to specialize in the iron and steel field, and its tasks fall within making plans aimed mainly at developing and growing the iron and steel industry in the Arab world.

Arab Iron and Steel Union comprises a wide range of multi-activity companies related to the iron and steel industry from the Arab countries.

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92 Members

28 Board of Directors

17 Country

300.000 Employees

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