Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey.
Brent crude futures were up $1.74, or 2.15%, to $82.73 per barrel by 0804 GMT, while West Texas Intermediate U.S. crude futures rose $1.70, or 2.29%, to $75.81 per barrel.
“Crude prices are rising on expectations that China’s recovery will take hold and on supply outages from the earthquake that devastated Turkey,” said Edward Moya, analyst at OANDA.
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