Oil prices rose to three-week highs on Tuesday as China's latest easing of COVID-19 restrictions spurred fuel demand hopes, while concerns that winter storms across the United States are affecting energy production continued to support prices.
Brent crude was up 52 cents, or 0.6%, at $84.44 a barrel by 0712 GMT, while U.S. West Texas Intermediate crude was at $80.04 a barrel, up 48 cents, or 0.6%. They hit their highest since Dec. 5 earlier in the session.
"Oil demand recovery is in sight for China, which is great news for the refining sector," said Serena Huang, head of APAC analysis at Vortexa.after China said it would drop its quarantine rule. A weaker dollar makes oil cheaper for holders of other currencies. "But the U.S. weather is forecast to improve this week, which means the rally may not last too long," he said.has killed more than two dozen people
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