Crude prices are recording strong increases exceeding 3% in the middle of the European trading period for the opening session of the week today, Monday, January 9, coinciding with the high state of optimism about the demand for crude from the largest oil importer in the world with the cancellation of all previously imposed restrictions imposed due to the limitation of the spread of the Corona virus, as Brent crude is trading at levels of $80.95 per barrel, an increase of about 3.03%, while American crude (NYMEX) is rising by about 3.30%, as it is trading at levels of $76.20 per barrel.

As expected, on the eighth of January, China lifted all quarantine measures for travelers arriving from abroad for the first time in three years, despite the continuation of the epidemic wave, and the borders with Hong Kong were reopened, which supported the high demand for fuel, ignoring fears of the expected global economic recession.

Crude is also receiving support from the recent declines in the US dollar, as the markets’ expectations rose for the US Federal Reserve to continue slowing the pace of monetary tightening at its meeting on November 1, after wage levels slowed in December, according to the US labor market report issued last Friday