Oil Advances on China’s Growth Pledge and U.S. Move to Refill Reserve

(Bloomberg) — Oil rose at the week’s open following a pledge from China to revive consumption as it abandons ‘zero Covid’ and a plan from the Biden administration to begin refilling the nation’s strategic crude reserves.

West Texas Intermediate rose toward $75 a barrel after losing almost 4% in the final two sessions of last week. President Xi Jinping said restoring and expanding consumption should “take the precedence” as leaders concluded a meeting to set priorities for 2023. That pledge may help buttress energy demand even as Covid cases surge and the reopening process turns bumpy.