Oil rises as Shanghai eases some COVID curbs, OPEC warns of tight supply | Reuters
Oil prices climbed on Tuesday on easing concerns about demand in China after Shanghai relaxed some COVID-19-related restrictions and OPEC warned it would be impossible to increase output enough to offset lost Russian supply.
Brent crude futures were up $2.98 or 3.03% to $101.46 a barrel, and U.S. West Texas Intermediate was up $3 or 3.18% to $97.29 a barrel at 0640 GMT. Both contracts had settled down around 4% on Monday.
Shanghai said on Monday that more than 7,000 residential units had been classified as lower-risk areas after reporting no new infections for 14 days, and districts have since been announcing which compounds can be opened up. read more
"Market sentiment is in see-saw mode, both on the supply and the demand front," said Vandana Hari, founder of oil market analysis provider Vanda Insights.
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