Oil Rises on China Growth Optimism

A view shows tankers in Nakhodka Bay near the crude oil terminal Kozmino outside the port city of Nakhodka, Russia, on June 13, 2022. Tatiana Meel/Reuters

LONDON—Oil prices rose on Tuesday, erasing the previous session’s losses, as Optimism for a solid economic rebound in China offset worries about further U.S. interest rate hikes dragging on consumption in the world’s biggest economy.

Brent crude futures for April, due to expire on Tuesday, were up by 87 cents, or 1.1 percent, to $83.32 per barrel by 1059 GMT. The more active May contract rose $1.09, or 1.3 percent, to $83.13 per barrel.