Oil prices inch higher on relaxed China COVID curbs, tight supplies | Reuters

Oil prices inch higher on relaxed China COVID curbs, tight supplies | Reuters

Oil prices edged higher on Tuesday on an expected demand recovery in China as the world's second-biggest economy relaxes tough COVID-19 curbs, and on doubts that a higher output target by OPEC+ producers would ease tight supply.

Brent crude futures were up 28 cents, or 0.2%, at $119.79 barrel at 0601 GMT.

U.S. West Texas Intermediate (WTI) crude futures were up 31 cents, or 0.3%, at $118.81 a barrel. The benchmark hit a three-month high of $120.99 on Monday.

Beijing and commercial hub Shanghai have been returning to normal in recent days after two months of painful lockdowns to stem outbreaks of the Omicron variant. Traffic bans were lifted and restaurants were opened for dine-in service on Monday in most parts of Beijing. read more