Oil prices were higher today buoyed by optimism around China relaxing its Covid-19 mandates. This is largely good news for the global oil markets but should be treated with caution according to analysts. Meanwhile, the Fed and ECB continued to raise rates last week and the BOJ could even begin to switch its dovish stance. “The reality here is that we still have a fear of a great recession looming on the horizon that has not gone away,” said Bob Yawger, director of energy futures at Mizuho. “It’s going to be difficult to make big gains here.” EU ministers agreed today on a gas price cap after weeks of talks. WTI rose $.90 or 1.21% to close at $75.19. Brent traded up $.76 or .96% to close at $79.80.