Oil Hits Eight-Week High Amid Hopes Of Recovering Chinese Demand

Oil prices rose above $114 a barrel early on Tuesday, reaching the highest level in eight weeks, amid a tight global fuel market and expectations that Chinese demand will start recovering soon. As of 8:46 a.m. EST on Tuesday, both benchmarks were trading above $114 per barrel—the highest price since the last week of March. WTI Crude was down 0.10% at $114.47, and Brent Crude traded up 0.11% at $114.78. After weeks of concerns over weakening Chinese demand amid the tightest COVID-related restrictions in the country since the onset of the pandemic,…