Oil prices closed higher for a second straight session on Tuesday as investors downplayed hopes of a Middle East ceasefire and focused on signs of improving demand from China, which could tighten trade balances of the market in the coming months.
Brent crude futures for December rose $1.75, or 2.4%, to $76.04 a barrel.
U.S. West Texas Intermediate crude futures for November delivery rose $1.53, or 2.2%, to $72.09 a barrel and expired after Tuesday’s close.
Beijing’s recent efforts to reinvigorate its slowing economy have led some analysts to raise expectations for oil demand in the world’s largest oil-importing nation. Weak demand from China, amid the rapid electrification of its automotive fleets, has weighed heavily on oil prices in recent months.
Both Brent and WTI rose nearly 2% on Monday, recovering some of last week’s more than 7% decline after China announced cuts to benchmark interest rates.
Source: Terra
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