Oil rises over 1% as demand hopes bolster sentiment
NEW YORK: Oil NSE 0.92 % rose more than 1% on Monday as Chinese economic figures and US vaccination rate pointed to a strong rebound in demand in the world’s two largest economies.
Investors remain wary, however, over record-breaking infection rates in India, the third-largest fuel importer worldwide, along with higher OPEC+ oil supply.
Brent crude rose 92 cents, or 1.4%, to $67.68 a barrel by 11:21 a.m. EDT (1521 GMT). US West Texas Intermediate rose 96 cents, or 1.5%, to $64.54 a barrel.
