Oil prices climb over 2% amid increased demand

• Brent futures rose 2.5%, to settle at $123.58 a barrel

Oil prices soared over 2% on Wednesday to a 13-week high due to increased demand of gasoline in the US.

Brent futures rose 2.5%, to settle at $123.58 a barrel, while U.S. West Texas Intermediate (WTI) crude rose 2.3%, to close at $122.11.

Demand is also expected to be high as China, which is the biggest oil importer, has lifted Covid-19 lockdowns after a decline in cases.