Oil erased earlier gains as traders weighed hawkish comments from U.S. Federal Reserve officials and China’s promise to repair the economic damage caused by a spate of lockdowns. Global benchmark Brent traded below $112 a barrel after four days of gains. The bullish run in crude and other commodities are fanning inflation, and Federal Reserve Bank of St. Louis President James Bullard said on Monday that the U.S. central bank shouldn’t rule out rate increases of 75 basis points. Equity markets also opened lower after the Easter holiday. The impact of the pandemic on China’s economy is short term and normal conditions will be “rapidly restored” after the current outbreak is contained, a spokesperson for the top economic planner said on Tuesday. That came a day after the central bank moved […]