Oil extended gains from the biggest jump in five months as China’s success in stamping out virus flare-ups boosts optimism of a demand recovery. U.S. oil futures rose 2.9% while Brent topped $71 a barrel. China has rapidly brought local virus cases down to zero and road traffic is showing signs of recovery. The country also reopened its Ningbo port, one of the busiest in the world, after a two-week shutdown. “The developments out of China are reigniting expectations that oil demand would start to rise again,” said Phil Flynn, senior market analyst at Price Futures Group Inc. Meanwhile, a fire on a Mexican oil platform wiped out more than 400,000 barrels a day of the nation’s output, roughly equivalent to what OPEC+ will discuss adding back to the market when it meets next month. Covid’s resurgence has interrupted oil’s rally and prompted speculation that OPEC+ may reassess its […]