Oil Jumps on Hopes for Easing of China’s COVID-19 Controls

Model of Oil barrels are seen in front of rising stock graph in this illustration, on July 24, 2022. Dado Ruvic/Illustration/Reuters

LONDON—Oil prices jumped by 3 percent on Tuesday on hopes for a relaxation of China’s strict COVID-19 controls after rare protests in Chinese cities over the weekend.

Brent crude futures gained $2.50, or 3 percent, to $85.69 a barrel at 1119 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.98, or 2.6 percent, to $79.22.