FX.co ★ Oil Prices Climb As China Eases COVID Curbs

Oil prices rallied more than 2 percent on Friday, with the upside supported by a weaker dollar and news of China easing its stringent COVID rules.

Benchmark Brent crude futures jumped 2.2 percent to $9.77 a barrel, while WTI crude futures were up 2.5 percent at $88.64.

The dollar remained under strong pressure after overnight data showed a smaller than expected increase in U.S. consumer prices in October.

U.S. consumer inflation rose 0.4 percent in October, pushing the annual increase below 8 percent for the first time in eight months.

The data raised hopes of Fed easing and a soft landing for the world's largest economy.

Meanwhile, China cut quarantine restrictions for inbound travelers and flights, boosting hopes for a revival in fuel demand.

Authorities also removed a penalty for airlines for bringing in too many cases.

The loosening of curbs came, a day after President Xi Jinping led his new Politburo Standing Committee in a meeting on COVID.