Oil Prices Up as China Reopens Borders | Crude Oil News & Chart Update

Oil prices have been climbing at the start of the week after China announced it will be lifting all restrictions on travel after three years of Covid-19 bans.

WTI Crude oil is up 1.9% at the time of recording and trades for $75.99. Crude oil is actually having a tough start to 2023 with the price falling 8% last week.

Bullish traders are hoping for a turnaround and have been looking at China but also the indications from the FED about rate hikes.

Some hints that hikes will become fewer and smaller, as well as hope for a weaker dollar might also have a role in today’s rally.

Where do you think oil prices are headed next? Let us know in the comments and give us a thumbs up if you liked our crude oil price update!

Chapters:
00:00 Intro
00:23 Crude Oil news – China reopens, FED slowing down rate hikes
06:57 Crude Oil support and resistance
07:29 Crude Oil technical analysis
13:18 Recap

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