The oil market is growing at the beginning of a new trading week

Oil prices have been showing growth for the third consecutive session amid expectations of demand growth in China as a result of changes in the policy of the country's authorities to combat coronavirus, as well as the introduction of new measures to support the economy.

As it became known, Beijing announced the reduction of mass testing of people for Covid-19, as well as the dissolution of «quarantine camps». The Chinese authorities have announced that they are planning further changes, thanks to which covid restrictions will become more focused, but not soft. Thus, China's adjustment of the «zero tolerance» for coronavirus has given a powerful incentive for the growth of the oil market.

The current price of Brent oil is $96.70 per barrel. North American WTI oil is trading near the level of $89.60 per barrel.

Analysts note that the increase in oil consumption by China may coincide with a reduction in supply on the market (due to the upcoming entry into force of the European embargo on the import of Russian oil and a reduction in OPEC+ production).

Earlier, US Treasury Secretary Janet Yellen said that the entry into force of the European embargo on the purchase of oil in Russia on December 5 is likely to force Moscow to sell some oil at a price not exceeding the ceiling set by the US and its allies if Russia wants to avoid a significant reduction in oil exports.