Crude oil nudged slightly higher on Tuesday after notable gains in the North American session after it was announced 3 million barrels will be bought to replenish the depleted supplies at the Special Petroleum Reserve (SPR).
The WTI futures contract is near US$ 71.50 bbl while the Brent contract is a touch above US$ 75.50 bbl.
The rally was little impeded despite soft Chinese data revealing that the reopening from Covid-19 restrictions is yet to deliver the economic expansion that the government and the market had been hoping for.
