Oil climbs higher on China, Japan rebound, hopes of OPEC+ supply curb
Oil prices climbed on Monday, recouping some losses from the previous session as hopes that OPEC+ will hold current output curbs offset concerns about weaker fuel demand due to rising Covid-19 cases and higher production from Libya.
Figures showing a rebound in the world’s second and third largest economies, China and Japan, also supported prices, along with data that Chinese refineries processed the most crude ever in October on a daily basis.
Brent crude futures for January rose 44 cents, or 1%, to $43.22 a barrel by 0204 GMT, while U.S. West Texas Intermediate crude for December was at $40.67 a barrel, up 54 cents, or 1.4%.
