Oil rebounds almost 2% on China growth hopes

Brent crude futures for April settled higher by US$1.44, or 1.8%, at US$83.89 a barrel, while the WTI crude futures gained US$1.37, or 1.8%, to US$77.05 a barrel. — Reuters

NEW YORK: Oil prices rose nearly 2% on Tuesday, erasing the previous session's losses, as hopes for a strong economic rebound in China offset worries about US interest rate hikes dragging down consumption in the world's biggest economy.

Brent crude futures for April, which expired on Tuesday, settled higher by US$1.44, or 1.8%, at US$83.89 a barrel. The more active May contract rose $1.41, or 1.7%, to US$83.45.