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Oil Prices Climb On China Demand Hopes

Oil prices rose over 1 percent on Monday amid hopes that fuel demand in China could be sustained.

Benchmark Brent crude futures climbed 1.1 percent to $111.19 per barrel, while U.S. crude futures were up 1.1 percent at $111.53.

There are expectations of renewed demand in China as Shanghai lifted some of its restrictions after a two-month lockdown.

Shanghai will reopen in stages and aims to return to normal life in June, raising expectations for increased fuel demand from the world’s to crude importer.

A slightly weaker dollar and expectations of solid demand heading into the peak U.S. driving season also supported prices.

The U.S. peak driving season traditionally begins on Memorial Day weekend at the end of May and ends on Labor Day in September.

Meanwhile, U.S. President Joe Biden said today he is “considering” lifting some trade tariffs on China, noting they were not imposed by his administration.

The material has been provided by InstaForex Company – www.instaforex.com