Oil rose for a second day on signs of further easing of China’s strict Covid-19 restrictions and as a key US pipeline remained shut.
West Texas Intermediate rose toward $74 a barrel after closing 3 percenthigher on Monday, the first gain in seven sessions. China’s ambassador to the US said the nation will continue relaxing its curbs and will welcome more international travelers soon, lifting demand hopes in the world’s top oil importer.
Crude is still on track for its first back-to-back quarterly decline since mid-2019 on concerns about the global economic outlook, with thin liquidity in the oil market exacerbating price swings. Investors will be watching a reading on US consumer prices later Tuesday for clues on the path of monetary policy.
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