LONDON—Oil hit a three-week high on Tuesday as China’s latest easing of COVID-19 restrictions spurred hopes of a fuel demand recovery, with further support coming from cuts to U.S. energy production caused by winter storms.
China will stop requiring inbound travelers to go into quarantine, starting from Jan. 8, the National Health Commission said on Monday in a major step towards easing curbs on borders that have been largely shut since 2020.
Brent crude was up 95 cents, or 1.1 percent, at $84.97 a barrel by 1108 GMT and U.S. West Texas Intermediate crude gained 71 cents, or 0.9 percent, to $80.27. Both benchmarks hit their highest since Dec. 5 earlier in the session….