© Reuters.
By Ambar Warrick
Investing.com– Oil prices extended gains into a second consecutive session on Tuesday as markets bet that a Chinese reopening, U.S. buying and a potentially colder-than-expected winter will spur a demand recovery going into 2023, despite increased fears of a global recession.
Optimism over China’s reopening was the main driver in a recent crude oil recovery rally, as the country began scaling back COVID-linked restrictions on travel and economic activity.
But this was largely tempered by a surge in infections, which analysts say could delay a broader reopening in the country.
Still, several Chinese government officials, including President Xi Jinping, vowed to shore up economic growth from pandemic lows, as well as greatly restore transport demand.
Early road and air traffic indicators from the country show that transport demand has…
