Oil rises on China outlook, supply concerns after earthquake in Turkey

Brent crude futures were up $1.78 to $82.77 per barrel at 1042 GMT, while U.S. West Texas Intermediate crude futures rose $1.74 to $75.88

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.

“The price of the barrel is finding support as the reopening of the Chinese economy, following the end of the zero-COVID policy, is expected to drive a significant increase in demand for crude this year,” said ActivTrades analyst Ricardo Evangelista. Saudi Arabia, the world’s top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid expectations of demand recovery, especially from China.

The shutdown of the 535,000-bpd Phase 1 part of the Johan Sverdrup oil field in Norway’s area of the North Sea also boosted prices.

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