Oil trades above $110 as China likely to ease COVID restrictions

Oil prices were trading above $110/bbl on Friday as worries about weaker economic growth offset expectations that crude demand could rebound in China as Shanghai lifts some of the Covid lockdowns.

This morning, the People's Bank of China (PBoC), the Chinese central bank, slashed the 5-year loan prime rate (LPR) by 15 basis points. China has been working on infrastructure and home prices. This cut will now influence the home mortgage prices, bring those prices down and make it more affordable for people who want to buy a first home. This is supportive for metals as well.

Watch the accompanying video of CNBC-TV18’s Manisha Gupta for more details.