Oil prices hit 7-week high on stronger China outlook

Oil prices rose by around 1per cent on Monday to a seven-week high, extending last week’s gains on the back of a stronger outlook thanks to an expected economic recovery in top oil importer China this year.

Brent crude was up US$1.28, or 1.5per cent, at US$88.91 a barrel at 11:06 a.m. EST (1606 GMT). The session high was US$88.99 a barrel, highest since Dec. 1.

U.S. West Texas Intermediate (WTI) crude rose 76 cents, or 0.9per cent, to US$82.40. The session high was US$82.64 a barrel, highest since Dec. 5.

Last week Brent rose 2.8per cent while the U.S. benchmark logged a 1.8per cent gain.

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Source: Oil & Gas 360

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