WASHINGTON (dpa-AFX) - Oil prices advanced on Monday amid expectations about the outlook for oil demand after China announced plans to support infrastructure spending last week.
Oil prices also rose on concerns the wildfire in Western Canada could impact the country's oil sands production capacity.
Possibility of the OPEC and allies, collectively known as OPEC+, deciding to extend supply cuts to into the second half of the year contributed as well to the rise in oil prices.
The Chinese government said on Friday that it will be issuing US$138-billion of lng-date bonds to support infrastructure spending.
Recent data from China showed consumer prices rose for a third straight month in April while producer prices extended declines, signaling improved domestic demand.
West Texas Intermediate Crude oil futures for June ended higher by $0.86 at $79.12 a barrel.
Brent crude futures settled at $83.36 a barrel, gaining $0.57.
On the geopolitical front, the U.S. escalated its concern over Israel's conduct of its Gaza offensive, warning the Jewish state risks fueling a Hamas insurgency.
The stark warnings from U.S. Secretary of State Antony Blinken and White House national security adviser Jake Sullivan came after President Joe Biden warned to Israel of possible weapons cutoff.
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