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

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.

Crude has been largely range-bound since the start of May, as stubbornly high Russian supplies and concern about global demand counteract Saudi-led OPEC+ efforts to curb production. JPMorgan Chase & Co. became the latest oil bull to cut its forecast on Wednesday, with the bank saying OPEC+ action will no longer balance markets this year. 

WTI for July delivery rose 0.9% to $70.07 a barrel at 8:33 a.m. in New York. Brent for August advanced 1.1% to $75.08 a barrel.

Source : Bloomberg