Oil climbed on optimism that demand prospects in China may brighten as one of its megacities loosens lockdown restrictions.
West Texas Intermediate futures settled at $88.48 a barrel. Brent rose 1% to settle at just over $94. Chengdu is easing Covid restrictions gradually, lifting the demand outlook in one of the world’s largest crude consumers. The understanding that the Biden administration would consider refilling the Strategic Petroleum Reserve if prices fall below $80 a barrel further supported the rally.
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