Oil climbs as China's new import quotas stem demand concerns

Oil rose for a second session as China’s new crude import quotas helped cut recent pessimism over demand.

Benchmark Brent crude topped US$75 a barrel, while West Texas Intermediate hit US$70. The large batch of Chinese quotas added to an improved outlook for consumption in the world’s second-largest economy, a day after Beijing was said to be considering a broad range of measures to revive a flagging recovery.

The dollar also dropped, making commodities priced in the currency more attractive. Equities climbed in anticipation the U.S. Federal Reserve will announce a pause in its run of interest-rate hikes, which contributed to the bullish sentiment.