The second-largest economy on the planet is opening back up and that’s fuel prices worldwide.
China’s crude oil imports from Russia in November rose 17% year on year as Chinese refiners rushed to secure more cargoes ahead of a price cap imposed by the Group of Seven nations and an EU embargo from Dec. 5.
Brent crude futures were up by $2.08, or 2.6%, at $82.07 a barrel by 10:42 a.m. ET (1542 GMT). U.S. West Texas Intermediate (WTI) crude futures gained $2.08, or 2.6%, to $78.31.