Brent crude futures for April were up by 87 cents to $83.32 per barrel by 1059 GMT, while U.S. West Texas Intermediate crude futures gained $1.18 to $76.89
Oil prices rose on Tuesday, erasing the previous session’s losses, as hopes 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.
“China’s economic recovery will drive its demand for commodities higher with oil positioned to benefit the most,” JPMorgan analysts said in a client note. The threat of more U.S. rate increases following stronger-than-expected new orders for core U.S.-manufactured capital goods in January, capped gains though, with U.S. Federal Reserve Governor Philip Jefferson saying inflation for services remained “stubbornly high.”
The market will be looking to the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government’s Energy Information Administration on Wednesday for further demand indicators.
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