(Reuters) – Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey.
Brent crude futures were up $1.78, or 2.2%, to $82.77 per barrel at 1042 GMT, while West Texas Intermediate U.S. crude futures rose $1.74, or 2.4%, to $75.88 per barrel.
“The price of the barrel is finding support as the reopening of the Chinese economy, following the end of the zero-COVID policy, is expected to drive a significant increase in demand for crude this year,” said ActivTrades analyst Ricardo Evangelista.
