Oil rises 2% on positive demand outlook

Oil drilling rigs

Oil prices rose today, Nov. 1, on optimism that China could reopen from strict COVID-19 curbs, which hurt economic growth and the demand for crude. The prices edged higher after unverified posts on social media platforms indicated that China is considering removing COVID-19 restrictions.

A Chinese foreign ministry spokesman later said he was unaware of the situation.

Haitham Al-Ghais, Secretary-General of the Organization of the Petroleum Exporting Countries (OPEC), said that the world needs to move quickly to invest in oil to avoid future energy crises. Meanwhile, a Bloomberg survey showed that OPEC production amounted to 29.98 million barrels per day in October, an increase of 30,000 barrels from September. In terms of trade, Brent crude rose 2%, or $1.84, to 94. WTI crude gained 2.1%, or $1.84, to record $88.37 a barrel.