Crude oil continued to maintain its strengthening momentum supported by expectations that the easing of Covid-19 restrictions in China would boost demand for the black commodity.
In the European session, Brent crude futures traded higher at $ 113 a barrel while US WTI traded higher at around $ 114 a barrel.
Shanghai recorded three consecutive days without a new Covid-19 case outside the quarantine zone on Tuesday, a day after it announced plans to end the closure beginning June 1.
Following the announcement, investors began to place hopes that economic activity reopened and increased fuel demand in the world’s largest consumer country.
In addition, prices were also supported by data released by the American Petroleum Institute (API) showing a decline in US crude oil supplies last week.
Meanwhile, the summit on May 30 to 31 is expected to be a defining moment to the agreement on a phased ban on Russian oil by the European Union (EU).
