Oil Prices Rise on Banking Relief and Supply Risks

Major oil consumers such as airlines have increased their hedging at a rapid pace, taking advantage of last week's low oil prices to hedge against the inevitable price rise. Swap dealers saw the second-largest increase on record in long positions in the ICE futures and options, as contracts increased by 54,000. Oil analysts are forecasting that there will be an oil price recovery this year, banking on a push of demand thanks to China’s reopening. Brent crude prices are now trading at $78.15 as of 10:00 am ET, a 0.08% gain on the day but a $3 gain on the week.