Oil rises on OPEC warning and easing of Shanghai COVID curbs | Reuters

Oil rises on OPEC warning and easing of Shanghai COVID curbs | Reuters

Oil prices climbed on Tuesday as Shanghai's relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.

Brent crude futures rose by $3.26, or 3.31%, to $101.74 a barrel at 1002 GMT while U.S. West Texas Intermediate was up $3.01, or 3.19%, at $97.30. Both contracts lost about 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

The Organization of the Petroleum Exporting Countries (OPEC), meanwhile, warned that it would be impossible to replace 7 million barrels per day (bpd) of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions. read more