Oil prices climbed on Monday as the borders reopened in China, the world's top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent crude futures were up $1.49, or 1.9%, at $80.06 a barrel as of 0745 GMT, while U.S. West Texas Intermediate crude rose $1.43, or 1.9%, to $75.20.and depressing the dollar. A weaker U.S. currency makes dollar-denominated commodities more affordable for investors holding other currencies.
"Crude oil prices recovered from the previous week's losses as the economic reopening in China and less aggressive monetary tightening prospects from the Federal Reserve set a positive tone for demand recovery," said Avtar Sandu, senior manager for commodities at Phillip Futures.over the weekend for the first time in three years.
Those concerns are reflected in the market structure for the benchmark oil futures. Both front-month Brent and WTI contracts are in contango, when current prices are below prices for later-delivery contracts, which typically indicates bearish sentiment for the market. ,
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