LONDON—Oil prices rose on Tuesday, erasing the previous session’s losses, as Optimism for a solid economic rebound in China offset worries about further U.S. interest rate hikes dragging on consumption in the world’s biggest economy.
Brent crude futures for April, due to expire on Tuesday, were up by 87 cents, or 1.1 percent, to $83.32 per barrel by 1059 GMT. The more active May contract rose $1.09, or 1.3 percent, to $83.13 per barrel.
U.S. West Texas Intermediate (WTI) crude futures gained $1.18, or 1.6 percent, to $76.89 a barrel.
Expectations of demand recovery in China underpinned gains, with the market awaiting key data over the next two days. Economists polled by Reuters expected factory activity in the world’s second-largest economy grew in February….