Oil gained more than $2/barrel on a weaker dollar, optimism about Chinese demand

International benchmarks for crude oil gained more than $2/barrel on Wednesday, 30 November 2022 following the lifting of COVID-19 lockdown measures in Guangzhou, China that fuel bullish demand expectations. Meanwhile, the FED said it will slow the pace of rate hikes, sending the US dollar weaker than other currencies.

Brent jumped $2.4 or 2.8% to settle at $85.43/barrel. 

WTI added $2.35 or 3.01% to settle at $80.55/barrel.