Oil prices edged higher for the third straight session on Tuesday, as signs of tighter supplies and pledges by Chinese authorities to shore up the world’s second-biggest economy lifted sentiment, APA-Economics reports citing Reuters.
Brent futures gained 22 cents, or 0.3%, to $82.96 a barrel by 0253 GMT, while U.S. West Texas Intermediate (WTI) crude rose 23 cents, also 0.3%, to $78.97.
Both benchmarks rose over 2% the previous day, when hit their highest closes since April. The crude benchmarks have already climbed for four weeks in a row with supplies expected to tighten due to cuts from the Organization of the Petroleum Exporting Countries (OPEC) and allies like Russia, a group known as OPEC+.
Some analysts say it could rise further in the short term. “Energy traders are growing confident that global central bank tightening will soon come to an end, which should provide some support for global growth,” said Edward Moya, an analyst at OANDA.
In China, the world’s second-largest economy and second-biggest oil consumer, leaders pledged to step up policy support for the economy amid a tortuous post-COVID recovery, focusing on boosting domestic demand.
