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Brent crude futures rose $1.33, or 1.4%, to $93.74 a barrel at
1020 GMT.
U.S. West Texas Intermediate crude for November delivery, which
expires on Thursday, rose $1.43, or 1.7%, to $86.98 per barrel.
The WTI contract for December delivery was up 1.8%, or $1.51, at
$86.03 a barrel.
"Oil prices are extending their ascent at the time of writing
amid reports that China is considering cutting COVID quarantine
measures for visitors," PVM Oil's Stephen Brennock said.
China, the world's largest crude importer, has stuck to strict
COVID-19 curbs this year, which weighed heavily on business and
economic activity, lowering demand for fuel.
Bloomberg news reported on Thursday that Beijing is considering
cutting the quarantine period for inbound visitors to seven days
from 10 days, citing people familiar with the matter.
Looming European Union ban on Russian crude and oil products, as
well as the output cut from the Organization of the Petroleum
Exporting Countries and other producers including Russia, known
as OPEC+, have also supported prices.
OPEC+ agreed on a production cut of 2 million barrels per day in
early October.
Separately, U.S. President Joe Biden announced a plan on
Wednesday to sell off the rest of his release from the nation's
emergency oil reserve by year's end, or 15 million barrels of
oil, and begin refilling the stockpile as he tries to dampen
high gasoline prices ahead of midterm elections on Nov. 8.
The announcement, however failed to ease oil prices, as official
U.S. data showed that U.S. SPR reserves last week fell to their
lowest since mid-1984, while commercial oil stocks fell by more
than expected. [EIA/S]
"Yesterday's failed attempt at cooling oil prices is further
evidence that the U.S. has lost its influence over global oil
markets," Brennock said.
Meanwhile, global demand for fuel remains uncertain. U.S.
economic activity expanded modestly in recent weeks, although it
was flat in some regions and declined in a couple of others, the
Federal Reserve said on Wednesday in a report that showed firms
growing more pessimistic about the outlook.
(Additional reporting by Emily Chow in Singapore; Editing by
Tomasz Janowski)
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