• West Texas Intermediate rose above $73 a barrel in early trading after capping its biggest two-day decline since March.
  • Crude’s gloomy start to the new year has been exacerbated by thin liquidity, which has left the market prone to wild price swings.
  • A surge in Covid-19 cases in China has clouded the near- term demand outlook, overshadowing optimism that commodity consumption in the biggest importer will eventually rebound.