A continuous rally in oil prices on Tuesday due to supply setbacks and amid the loosened Chinese curbs in one of the biggest oil importers worldwide.

Brent crude advanced by 1.15% at $78.89 per barrel, while WTI added 0.92% at $73.84.

According to analysts the prices has been backed by the easing of Covid-19 restrictions in China and Russia’s warnings to reduce its supplies in opposition of the price cap imposed by the G7 and the disruption of the main pipeline in USA.

The situation of the disrupted TC Energy pipeline that load 620,000 crude barrel per day to the US is vague since the previous week as it is still unknown when it will be rescheduled to ship.

The cease made forecasts hover around 3.9 million barrels drop in U.S. inventories for the week, based on a poll conducted by Reuters.

Although, China has lifted some of its strict Covid policies during the previous week but the pandemic is still threatening as the infections are still increasing.

Markets are currently awaiting hints from OPEC and the US CPI today. Also on Wednesday they will anticipate Fed’s decision on the next rate hike.