Array
Oil prices rose nearly 2 percent on Tuesday, erasing the previous session’s losses, as hopes for a strong economic rebound in China offset worries about U.S. interest rate hikes dragging down consumption in the world’s biggest economy.
Brent crude futures for April, which expired on Tuesday, settled higher by $1.44, or 1.8 percent , at $83.89 a barrel. The more active May contract rose $1.41, or 1.7 percent , to $83.45.
U.S. West Texas Intermediate (WTI) crude futures gained $1.37, or 1.8 percent , to $77.05 a barrel.
“We’re getting to a point where we’re seeing some short-covering because it’s the end of the month,” said Price Group analyst Phil Flynn.
For the month of February, Brent fell about 0.7 percent , while WTI dropped about 2.5 percent .
Expectations of demand recovery in China underpinned gains, with the market awaiting key data over the next two days. Economists polled by Reuters expected that factory activity in the world’s second-largest economy grew in February.
