Oil futures (WTI) above $80US on reopening for the week – China back from holiday


This a Bloomberg (gated) headline after China’s week-=long Lunar New Year holiday:

  • China Celebrated Lunar New Year Like COVID No Longer Exists

Main points from the article:

  • More than 300 million trips were made during the holiday, nearly 90% of pre-pandemic levels, according to the Ministry of Culture and Tourism.
  • Tourist spots were swamped
  • movie theaters were packed
  • “Pent-up demand is being released as many people rush to scenic spots, watch firework shows and crowd into restaurants and hotels,” Ting Lu, chief China economist at Nomura Holdings Inc., wrote in a note on Thursday. Government-released data “suggest the ‘exit wave’ is quickly coming to an end.”

Also from China over the weekend:

A bit of Mid-East tension too:

Oil is feeling the optimism, opening a little higher for the new week. The week is, of course, still young:


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