Oil prices are on the rise, with West Texas Intermediate (WTI) at $72.50 per barrel and Brent crude at $76.00 on Tuesday morning. Both key benchmarks gained more than 2% on the day, helped by economic optimism out of China and lingering concerns about potential disruptions from the ongoing conflict in the Middle East. On Tuesday, China’s commerce ministry said that the country would lift its total crude oil import quota for private importers for 2025 by 6%—to 5.14 million bpd, per Reuters calculations. This would see 257 million metric tons imported by non-state-owned refiners in China next year, compared to 243 million tons in quotas allocated for 2024. In recent months, oil markets have been highly volatile. Brent crude was trading at around $74.69 last week and $73.21 a month ago. This marks a slight downward movement from the start of the year when prices hovered near $76. The slump has been driven by fears of oversupply and weaker demand, particularly from China, the world’s largest oil importer. China’s recent stimulus measures, aimed at boosting its flagging economy, have fueled hopes of increased oil demand. Additionally, geopolitical tensions in the Middle East have so far kept investors on edge, with any escalation able to disrupt global oil supply—even if only in the short term. Meanwhile, U.S. oil inventories have been fluctuating, with recent reports showing a 1.58 million barrel draw in crude stockpiles, which also helped support prices. However, U.S. shale producers are cautious, and spending in the sector has slowed, suggesting that price growth could be tempered in the near term. While prices seem to be on the rebound—at least for the day—the market remains sensitive to global economic factors and potential supply disruptions, making future trends uncertain.