Oil Jumps 3 Percent on Demand Optimism as China Borders Reopen

[Epoch-Times-Bot]

Oil Jumps 3 Percent on Demand Optimism as China Borders Reopen

LONDON—Oil extended gains on Monday, rising about 3 percent after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns.
The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates, with equities rising and the dollar weakening.
Brent crude was up $2.29, or 2.9 percent, at $80.86 a barrel by 1150 GMT while U.S. West Texas Intermediate crude rose $2.46, or 3.3 percent, to $76.23.
“If recession is avoided, global oil demand and demand growth will remain resilient,” said Tamas Varga of oil broker PVM, adding that developments in China were the main reason for Monday’s gains....

Source: Oil Jumps 3 Percent on Demand Optimism as China Borders Reopen

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