Oil up over hopes of further demand rebound in China


Oil prices increased on Tuesday as demand surged ahead of the release of fresh economic data from China, the world’s largest oil importer and second largest consumer.

International benchmark Brent crude traded at $82.59 per barrel at 9.49 a.m. local time (0649 GMT), up 0.67% from the closing price of $82.04 a barrel in the previous trading session.

At the same time, American benchmark West Texas Intermediate (WTI) traded at $76.28 per barrel, a 0.79% increase after the previous session closed at $75.68 a barrel.
While inflationary concerns in the world’s largest oil consumer, the US, continue to weigh on oil price.—AA