Brent crude futures rose by $3.26 to $101.74 a barrel at 1002 GMT, while U.S. West Texas Intermediate was up $3.01 at $97.30
Oil prices climbed on Tuesday as Shanghai’s relaxation of some COVID-19 restrictions eased concerns about Chinese demand and as OPEC warned it would be impossible to replace potential supply losses from Russia.
The Organization of the Petroleum Exporting Countries , meanwhile, warned that it would be impossible to replace 7 million barrels per day of Russian oil and other liquids exports lost in the event of sanctions or voluntary actions. Indian Oil Corp , which bought Russian Urals in previous tenders, has removed the grade from its latest crude tender. U.S. President Joe Biden had told Indian Prime Minister Narendra Modi late on Monday that buying more oil from Russia was not in India’s interest.
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