Oil rises for second straight day as China’s reopening eases demand concerns – The National

Oil rises for second straight day as China’s reopening eases demand concerns – The National

Oil prices rose for the second consecutive day on Tuesday as loosening Covid-19 restrictions in China, the world’s largest crude importer, eased demand concerns.

Brent, the benchmark for two thirds of the world’s oil, was 1.44 per cent higher at $79.11 at 9.47am UAE time. West Texas Intermediate, the gauge that tracks US crude, was up 1.35 per cent at $74.16 a barrel.

China, the world’s second-largest economy, is reopening its economy after following a strict zero-Covid policy for nearly three years.