Saudi hike in oil and Chinese influence

Oil markets started the new week with a rising trend.

While US crude oil rose above $119, Brent oil also saw over $120.

In the oil market, the hike made by Saudi Arabia for its Asian customers was at the top of the agenda. Saudi Aramco, the national oil company of Saudi Arabia, made an increase of $ 2.10 per barrel of oil offered to its Asian customers. Thus, a price difference of $ 6.50 was formed on the benchmark oil.

The market expectation was for a $1.50 hike.

Oil markets are also closely watching the decisions to ease the epidemic measures in China, the world's largest oil importer.

After the quarantine in Shanghai, the financial center of the country, was lifted, it was decided to relax some epidemic measures in the capital Beijing.

Public transportation will resume in Beijing as of June 6, except for parts of Fengtai and Changping. City residents with a negative test taken within 72 hours will be able to roam freely in the city. In the previous application, this period was determined as 48 hours.

Restaurants will be able to serve their customers inside the venue and employees will be able to return to their offices.

Entertainment venues such as cinemas will be able to open at 75 percent capacity.