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.<\/p>\n\n\n\n
Brent crude futures for April delivery, which expired on Tuesday, ended up $1.44, or 1.8%, to $83.89 a barrel.<\/p>\n\n\n\n
The most active May contract rose $1.41, or 1.7 percent, to $83.45.<\/p>\n\n\n\n
US West Texas Intermediate crude futures rose $1.37, or 1.8 percent, to $77.05 a barrel.<\/p>\n\n\n\n
For the month of February, Brent crude fell by about 0.7 percent, while WTI fell by about 2.5 percent.<\/p>\n\n\n\n
Expectations of a demand recovery in China fueled gains as the market awaited important data over the next couple of days.<\/p>\n\n\n\n
Economists polled by Reuters had expected factory activity in the world’s second-largest economy to grow in February.<\/p>\n\n\n\n
“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.<\/p>\n","protected":false},"excerpt":{"rendered":"
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 …<\/p>\n","protected":false},"author":9,"featured_media":74099,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[6846,6909],"class_list":["post-80780","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-oil","tag-wti"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80780","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=80780"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80780\/revisions"}],"predecessor-version":[{"id":80781,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/80780\/revisions\/80781"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/74099"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=80780"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=80780"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=80780"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}