Oil prices inched higher on Tuesday on expected demand recovery in China as it relaxed tough COVID curbs and doubts a higher output target by OPEC+ producers would ease tight supply.
Brent crude futures were up 19 cents, or 0.2%, at $119.70 barrel at 0050 GMT.
U.S. West Texas Intermediate (WTI) crude futures were up 25 cents, or 0.2%, at $118.75 a barrel. The benchmark hit a three-month high of $120.99 on Monday.
Easing travel restrictions in China are expected to boost demand for oil in the coming weeks, analysts from ANZ Research said in a note.
Beijing and the 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.
Top oil exporter Saudi Arabia raised the July official selling price (OSP) for its flagship Arab light crude to Asia by $2.10 from June to a $6.50 premium over Oman/Dubai quotes, just off an all-time peak recorded in May when prices hit highs due to worries of disruptions in Russian supplies.
via Reuters
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