2/7, 9:43 AM (Source: TeleTrader)
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Crude prices surge 2% on China demand hopes

Crude oil prices jumped 2% on Tuesday as indicators pointed to moderate economic recovery across China after Beijing scrapped its strict pandemic policy in an effort to bolster the country's economy.

It appears that prospects of higher demand in the world's second largest crude consumer drove the prices of the commodity to increase, along with pressures to the oil supply on the global markets, following embargo on Russian petroleum products imports and the deadly earthquake in Turkey that disrupted oil exports from the country's port of Ceyhan.

West Texas Intermediate (WTI) for settlements in March surged 2.33% to go for $75.85 per barrel at 3:30 am ET. Brent for deliveries in April rose by 1.99% to sell at $82.63 per barrel.

Baha Breaking News (BBN) / AB