Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China’s reopening and oil demand recovery outweighed concerns of a global recession.
Brent crude futures rose 72 cents, or 0.9%, to $79.76 a barrel by 0103 GMT while U.S. West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8%.
China, the world’s top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions.
