The Decision of Raising Oil Prices and China's Statement

The reason for the rise in oil prices in recent days was expressed as the decision taken by Saudi Arabia against Asian customers and the coronavirus measures which relaxed in Beijing, the capital of China.

Decision of raising oil prices and China. Oil markets rose on the first day of the week. While US crude oil recorded a level above $119, Brent oil also reached a level above $120. The price hike by Saudi Arabia to its Asian customers was on the agenda of the oil markets. Saudi Aramco, the national oil company of Saudi Arabia, increased its oil price by $2.10 per barrel to its Asian customers. While the expectation was $1.50, a $2.10 hike was realized. Oil markets also closely followed the decisions to ease the epidemic measures in China, the world's largest oil importer. After the quarantine in Shanghai, the financial center of the country, was lifted, it was decided to gradually relax some epidemic measures in the capital Beijing. As of June 6, public transportation will be on the agenda again in the capital Beijing, except for some areas of Fengtai and Changping. City residents with a negative test taken within 72 hours will be able to roam freely in the city. In the previous application, this time was recorded as 48 hours.