Oil Gains as China Lifts Crude Import Quota

Oil prices are on the rise, with West Texas Intermediate (WTI) at $71.78 per barrel and Brent crude at $75.53 on Tuesday morning. Both key benchmarks gained more than 1.5% on the day, helped by economic optimism out of China and lingering concerns about potential disruptions from the ongoing conflict in the Middle East. On Tuesday, China's commerce ministry said that the country would lift its total crude oil import quota for private importers for 2025 by 6%—to 5.14 million bpd, per Reuters calculations. This would see 257 million metric...