Oil prices rise but China’s COVID surge limits gains
PicOil prices today rose supported by a softer dollar but gains were capped by uncertainty over the impact of rising COVID-19 cases in China. In intra-day trade, Brent crude was trading at 80 dollars and 20 cents per barrel while WTI crude prices were at 76 dollars and 20 cents per barrel.
Meanwhile, Wall Street closed lower yesterday for a fourth straight session as investors shied away from riskier bets. Investors remained worried that the Federal Reserve’s tightening campaign could push the U.S. economy into a recession.
Dow Jones Industrial Average declined half a percent and the S&P 500 fell 0.9 percent. The Nasdaq Composite plunged 1.5 percent.