Oil prices rise to $88 a barrel on back of stronger China outlook
LONDON (Reuters) -Oil prices rose on Monday to $88 a barrel, extending last week’s gains on the back of a stronger outlook due to an expected economic recovery in top oil importer China this year.
Brent crude was up 42 cents, or 0.48%, to $88.05 at 1025 GMT, while West Texas Intermediate (WTI) U.S. crude rose 33 cents, or 0.4%, to $81.97 a barrel.
Last week Brent rose 2.8%, while the U.S. benchmark logged a 1.8% gain.
Asian trading was slower due to the Lunar New Year holiday, but analysts said that optimism regarding China’s reopening will likely drive oil prices higher.
