The price of Texas intermediate oil (WTI) rose 1.8% on Tuesday and closed at $77.05 a barrel, driven by expectations that demand in China will recover.
At the close of business in New York, the barrel of WTI for delivery in April added 1.37 dollars compared to the previous closure.
According to analysts, optimism about the economic recovery in China after the strong restrictions due to covid-19 outweighed concern about future interest rate hikes in the United States on Tuesday.
Some economic data from the Asian giant will be released in the coming days, which is expected to reflect that there was growth in factory activity in February.
"China’s economic recovery will boost its demand for commodities, with oil positioned to gain the most"JPMorgan analysts assured in a note to clients cited by various specialized media.
Meanwhile, in the US lCommercial reserves have been increasing in recent weeks and analysts estimate that there will be a new increase, which puts downward pressure on the market.
On the other hand, natural gas futures contracts for April added $0.02 to $2.75, and gasoline futures due the same month were up 6 cents, holding at $2.64.
