Oil prices edge higher on relaxed China Covid curbs, tight supplies
Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough Covid curbs and doubts a higher output target by OPEC+ producers would ease tight supply.
Brent crude futures were up 19 cents, or 0.2 per cent, at $119.70 barrel at 0050 GMT.
US West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.2 per cent, at $118.75 a barrel. The benchmark hit a three-month high of $120.99 on Monday.
Easing travel restrictions in China are expected to boost demand for oil in the coming weeks, analysts from ANZ Research said in a note.
