Oil rises as China recovery, US buyback plan brighten outlook
SINGAPORE: Oil rose on Monday as the prospect of demand recovery, led by China’s loosening of Covid-19 curbs and the United States’ decision to buy back oil for its state reserves, gained the upper hand over global recession fears.
Brent crude futures gained 74 cents, or 0.9%, to $79.78 a barrel by 0458 GMT while US West Texas Intermediate crude was at $75.03 a barrel, up 74 cents, or 1%.
Both benchmarks plunged more than $2 a barrel last Friday, following hawkish remarks from US and European central banks on interest rates hike that sparked worries of possible recession.
