Oil prices climbed on Tuesday on easing concerns about demand in China after Shanghai relaxed some COVID-19-related restrictions and OPEC warned it would be impossible to increase output enough to offset lost Russian supply.
Brent crude futures were up $2.98 or 3.03% to $101.46 a barrel, and U.S. West Texas Intermediate was up $3 or 3.18% to $97.29 a barrel at 0640 GMT. Both contracts had settled down around 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days, and districts have since been announcing which compounds can be opened up.
