Oil grows on data on the abolition of mandatory quarantine for tourists in China

During morning trading on Tuesday, the price of oil is rising on the news of a further weakening of anti-bullying measures in China and the closure of part of the refinery in the United States due to bad weather.

The current price for Brent oil is $85.38 per barrel, WTI crude oil is trading near $80.40 per barrel. On Monday, oil trading was not held because of the Catholic Christmas.

The Chinese authorities have decided to cancel the mandatory quarantine for those coming to the country from abroad from January 8. In addition, Beijing has lowered the level of surveillance of COVID-19, abandoning the legal basis for the introduction of strict measures to combat the spread of coronavirus.

Liang Wannian, head of the group of experts on combating COVID-19 at the National Health Commission of the People's Republic of China, said that now the priorities of the authorities should shift from prevention and control of infection to its treatment.

An additional impact on the dynamics of the oil market was caused by news from the United States, where the production of petroleum products is falling due to difficult weather conditions and a snowstorm in key regions. In particular, production was stopped at Motiva's two largest factories Port Arthur and Marathon Galveston Bay in Texas. According to analysts, their capacity is more than 1.8 million barrels per day.