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

Benchmark Brent crude topped $75 a barrel, while West Texas Intermediate hit $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 US Federal Reserve will announce a pause in its run of interest-rate hikes, which contributed to the bullish sentiment.

Crude has been largely rangebound since the start of May as stubbornly high Russian supplies and concern about global demand counteract Saudi-led OPEC+ efforts to curb production. Slowing US inflation and stimulus in China have improved the market outlook in recent days, while America is planning to buy about 12 million barrels of oil this year to refill its depleted emergency reserves.

WTI for July delivery rose 0.9% to $70.05 a barrel at 10:06 a.m. in London. Brent for August advanced 1% to $75.05 a barrel.

Source: Bloomberg