Oil jumps on China easing of COVID restrictions, Russia price cap
World oil prices rallied on Monday after more easing of strict COVID containment measures in China and as a price cap on Russian crude agreed by the EU, G7 and Australia came into force.
Main contracts Brent North Sea crude and WTI advanced more than 2.5 per cent, also after OPEC and its Russia-led allies decided at a weekend meeting to maintain oil output levels.
Stock markets traded mixed after Friday's forecast-busting US jobs report that dented hopes that the Federal Reserve would take a softer approach to hiking interest rates in its battle against sky-high inflation.
In currency trading, the dollar was mixed against its main rivals while China's yuan was among the best performers, breaking below the seven per dollar level for the first time in almost three months.
Higher oil demand is expected from China after businesses reopened and testing requirements were relaxed in Beijing and other cities as the country tentatively eases out of a strict zero-COVID policy that sparked nationwide protests. It has also seen major cities including Shanghai locked down for months, a decision blamed for a sharp slowdown in economic growth this year that sent shudders through financial...