Oil prices buoyed by China travel hopes, tighter supply.
Oil prices rose on Tuesday as signs of a growing rebound in Chinese travel demand pushed up hopes of increased crude consumption this year, although anticipation of more cues on the U.S. economy this week kept broader gains limited.
Reuters reported that Chinese airlines were undertaking massive hiring drives to position for an expected rebound in travel demand this year, after the country relaxed most anti-COVID restrictions. A recovery in Chinese travel demand is expected to be one of the biggest drivers of crude consumption this year.
