WASHINGTON (dpa-AFX) - Oil prices pared early losses and climbed higher on Monday as continued attacks by Houthi militants in the Red Sea route raised concerns about supply.
Oil prices dropped earlier in the day, weighed down by demand worries, especially in the face of uncertainty over the timing and pace of interest rate cuts in the U.S. and Europe.
Prices were also weighed down by fresh concerns about China's economic growth prospects after Moody's revoked the credit ratings of 11 Chinese enterprises, citing 'business reasons.'
West Texas Intermediate Crude oil futures for April ended higher by $1.09 or about 1.4% at $77.58 a barrel.
Brent crude futures were up $1.01 or 1.25% at $81.18 a barrel a little while ago.
According to reports, Houthi missiles narrowly missed a U.S.-flagged tanker over the weekend.
Meanwhile, protests have resulted in closure of exports from an oil field in western Libya and a subsea natural gas link to Italy.
Traders await a meeting of the Organization of the Petroleum Exporting countries and allies early next month. It is expected that the group will extend production cuts beyond March.
U.S. inflation data, due on Thursday, is expected to provide insight into the Federal Reserve's potential interest rate cuts.
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