:Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey. Brent crude futures rose 82 cents, or 1.01 per cent, to $81.81 per barrel by 0300
:Oil prices rose for a second straight session on Tuesday, driven by optimism about recovering demand in China, and concerns over supply shortages following the shutdown of a major export terminal after an earthquake in Turkey.
"Crude prices are rising on expectations that China's recovery will take hold and on supply outages from the earthquake that devastated Turkey," said Edward Moya, analyst at OANDA. Saudi Arabia, the world's top oil exporter, raised prices for its flagship crude for Asian buyers for the first time in six months amid expectations of oil demand recovery, especially from China.
Daniel Hynes, senior commodity strategist at ANZ bank in Sydney, also pointed to the shutdown of the 535,000-bpd Phase 1 of the Johan Sverdrup oil field in Norway's area of the North Sea as a major driver of prices.
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