Oil rose by about 2%, supported by China’s growth hopes

Oil prices rose nearly 2 percent on Tuesday, erasing losses from the previous session, as hopes for a strong economic recovery in China offset concerns about a US interest rate hike that led to lower consumption in the world’s largest economy.

Brent crude futures for April delivery, which expired on Tuesday, ended up $1.44, or 1.8%, to $83.89 a barrel.

The most active May contract rose $1.41, or 1.7 percent, to $83.45.

US West Texas Intermediate crude futures rose $1.37, or 1.8 percent, to $77.05 a barrel.

For the month of February, Brent crude fell by about 0.7 percent, while WTI fell by about 2.5 percent.

Expectations of a demand recovery in China fueled gains as the market awaited important data over the next couple of days.

Economists polled by Reuters had expected factory activity in the world’s second-largest economy to grow in February.

“China’s economic recovery will raise its demand for commodities, and oil will benefit the most,” JP Morgan analysts said in a note to clients.