Oil Prices Rise Amid Hopes Of Higher Demand In China

Oil prices climbed on Monday, bolstered by hopes of higher energy demand in China reported Xinhua.

The West Texas Intermediate (WTI) for January delivery added 90 cents, or 1.2 per cent, to settle at US$75.19  a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 76 cents, or 1 per cent, to close at US$79.8 dollars on the London ICE Futures Exchange.

Prices garnered support from expectations of a solid demand recovery in China.

Meanwhile, fears that major central banks’ policy tightening would induce a global recession weighed on the market.

For the week ending Friday, the WTI advanced 4.6 per cent, while Brent gained 3.9 per cent, based on the front-month contracts.

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