Oil prices rose today as China’s borders officially opened to international travelers today without quarantine. The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates, with equities rising and the dollar weakening. Meanwhile, US households are seeing inflation start to soften but are still expected to curb spending. “The NY Fed data should be supportive for oil prices, as it suggests that inflation is peaking,” said Phil Flynn, an analyst at Price Futures Group. WTI traded up $0.86 or 1.2% to close at $74.63. Brent traded up $1.08 or 1.4% to close at $79.65.

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