Oil Rallies as China’s Success Against Virus Eases Demand Fears
- UBS sees Brent crude recovering to $75 on market tightness
- Crude oil futures climb more than 2% in London and New York
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Oil extended gains from the biggest jump in five months as China’s success in stamping out virus flare-ups boosts optimism of a demand recovery.
U.S. oil futures rose 2.9% while Brent topped $71 a barrel. Crude clung to gains after an industry-funded group reported after the close that stockpiles fell last week. China has rapidly brought local virus cases down to zero and road traffic is showing signs of recovery. The country also reopened its Ningbo port, one of the busiest in the world, after a two-week shutdown.