BENGALURU: Oil prices rose by more than 1% on Monday after OPEC’s monthly market report eased market concerns about waning demand in the United States and China.
Brent crude futures were up $1.25, or 1.5%, at $82.68 a barrel by 1158 am ET (1658 GMT), while USWest Texas Intermediate (WTI) crude futures were up $1.24, or 1.6%, at $78.41.
In a monthly report on Monday, OPEC said that oil market fundamentals remained strong and blamed speculators for a drop in prices.
