Oil jumps amid hopes for further OPEC cuts, China factory growth
Oil prices rose more than 1 per cent on Monday as signs of rising manufacturing activity in China pointed to increasing fuel demand, and hints that OPEC may deepen output cuts at its meeting this week indicated supply may tighten next year.
Brent crude futures rose 66 cents, or 1.1 per cent, to $61.15 a barrel by 0727 GMT. West Texas Intermediate (WTI) futures rose 75 cents, or 1.4 per cent, to $55.92 a barrel, having risen by more than $1 earlier.
On Friday, WTI futures settled 5.1 per cent lower, while Brent plunged 4.4 per cent on concerns that talks to end the trade war between the US and China, the world’s two biggest oil users, would be disrupted by US support for protesters in Hong Kong.
