Oil prices climb on easing China Covid-19 curbs, concerns over US storm impact

Oil prices rose to three-week highs on Tuesday as China’s latest easing of Covid-19 restrictions raised fuel demand hopes and concerns that winter storms across the United States are affecting energy production continued to buoy prices. Brent crude was up 88 cents, or 1.1 per cent, at $84.80 a barrel by 0253 GMT, while US West Texas Intermediate crude was at $80.44 a barrel, up 88 cents, or 1.1pc. The two benchmarks touched their highest since Dec 5 earlier in the session. On Friday, Brent rose 3.6pc, while WTI gained 2.7pc. Both benchmarks recorded their biggest weekly gains since October. British and US markets were closed on Monday for the Christmas holiday. China will end its quarantine requirements for inbound travellers starting on Ja. 8, the National Health Commission said on Monday, dropping a rule in place since the start of the pandemic three years ago. That spurred optimism of higher demand from the top crude oil importer.