(Bloomberg) -- Oil rose as China took more steps to unwind its Covid Zero policy, and freezing weather across the US prompted refinery closures in the vital Texas Gulf Coast area.
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West Texas Intermediate climbed almost 2% to trade near $81 a barrel after Beijing announced it will no longer subject inbound travelers to quarantine from early January, the latest step in the dismantling of strict virus rules. More than a third of Texas Gulf Coast refining capacity was shut over the past few days, including the two biggest plants in the US.
See also: Chaos as US Storm Strains Power Grids, Disrupts Travel Plans
Oil is set to the end the year modestly higher after being whipsawed this year by Russia’s war in Ukraine, fears of recessions in major economies and, most recently, a vicious Covid-19 wave in China as curbs are loosened. Crude surged more than 7% last week as Russia warned it would slash output by as much as 700,000 barrels a day in response to sanctions.
In the US, extreme weather forced the two largest US refineries — Motiva Port Arthur and Marathon Galveston Bay — to stop producing gasoline and diesel. More than 1.8 million barrels a day of Texas’s oil processing capacity has been sidelined by the freezing conditions.
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