Oil rises as oversupply and trade tension fears abate | Reuters

Oil rises as oversupply and trade tension fears abate | Reuters:

Oil prices rose on Tuesday as the market shifted focus to the possibility of increased Chinese demand, drawing attention away from trade tensions between that country and the United States after a series of tariffs imposed by both countries.

Brent crude was up 57 cents at $73.63 a barrel by 10:50 a.m. EDT (1450 GMT). U.S. West Texas Intermediate (WTI) was up 86 cents at $68.75.

Reports on Tuesday that China will increase infrastructure spending helped lessen fears that U.S.-China trade tensions will reduce the country’s demand for oil, said Phil Flynn, analyst at Price Futures Group in Chicago.