LONDON—Oil prices jumped by 3 percent on Tuesday on hopes for a relaxation of China’s strict COVID-19 controls after rare protests in Chinese cities over the weekend.
Brent crude futures gained $2.50, or 3 percent, to $85.69 a barrel at 1119 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6 percent, to $79.22.
Hopes of faster easing of China’s strict restrictions rose after an official said they will continue to fine-tune policy to reduce the impact of its “Zero COVID” on society.
“The prospect of a return to normality, in an economy that is the world’s largest oil importer, was enough to make oil prices jump in the first significant price rebound of the last two weeks,” said ActivTrades analyst Ricardo Evangelista….