Oil rises in price amid expectations of increased demand

World oil prices rose by 0.6% on Tuesday morning, Report informs.

Traders expect increased demand for crude after the latest news from China and the US.

The price of February futures for Brent crude rose by 0.62% to $85.02 per barrel, and February futures for WTI went up by 0.63% to $80.06.

The Chinese Health Commission on Monday announced that the country's authorities plan to ease coronavirus restrictions from January 8.

Besides, in the US, due to extreme weather conditions, the production of gasoline and diesel fuel at the two largest refineries, Motiva Port Arthur and Marathon Galveston Bay, was stopped, which affected the supply.