Oil ticked up on Thursday post 4 consecutive slippages, pinning hopes on the loosened Covid-19 restrictions in China that may boost the demand soon and amid also  tankers that is loaded with the Russian oil that got postponed upon the effectiveness of the G7’s price cap.

China reported yesterday its shifted strategy in combating Covid-19 spread, meanwhile around 20 oil tankers encountered a linger at Russia’s port pending the cross of the Mediterranean Sea.

Brent Crude edged up 0.4% at $77.44 per barrel while WTI crude climbed by 0.7% at $72.50.

Worries are currently hovering around a decline in the economic growth, the slow of the demand and the predictions of further interest rate raises.

It is forecasted that Fed my hike the rate by 50 bp during the upcoming week.

The spike in the gasoline and distillate inventories for the last week wighed more worries about the demand.