Oil jumped on Tuesday, buoyed by hopes that China would relax its COVID-19 controls after rare protests against the country's zero-COVID strategy over the weekend in big Chinese cities.
The rare street protests in cities across China over the weekend were a vote against President Xi Jinping's zero-COVID policy and the strongest public defiance during his political career, China analysts said. Beijing has stuck with the zero-COVID policy even as much of the world has lifted most restrictions.Oil prices are also supported by the expectation that major oil producers would adjust their production plans at the upcoming meeting.
"Although this is merely a guess ... not the official statement from the OPEC, it still reflects the near-term market sentiment and is likely to be the turning point of the oil prices," analysts from Haitong Futures said in a note.
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