Oil prices end mixed on reports that China may ease COVID restrictions

Oil futures ended on a mixed note Thursday, with the November U.S. benchmark contract ending higher on its expiration day, but the December contract little changed. Oil found some support from reports that China is looking to cut the duration of quarantine for inbound visitors, “in a sign that perhaps the government might be looking to try and mitigate some of the worst effects of its zero-COVID policy,” said Michael Hewson, chief market analyst at CMC Markets UK. “The reality is it’s unlikely to make much difference given that as the weather gets colder, COVID infection rates are only likely to increase, making this tinkering pretty much irrelevant.” U.S. benchmark West Texas Intermediate crude for November delivery CLX22, +0.19% rose 43 cents, or 0.5%, to settle at $85.98 a barrel on the New York Mercantile Exchange on its expiration day. The December WTI contract CLZ22, +0.20%, which is the new front-month contract as of the close, settled at $84.51, down by a penny for the session.