WASHINGTON (dpa-AFX) - Crude oil prices rose sharply on Monday amid optimism about the outlook for energy demand.
Oil prices were under pressure last week after OPEC+ said the group plans to start unwinding some production cuts and agreed to increase production from October through September 2025.
West Texas Intermediate Crude oil futures for July ended higher by $2.21 or about 2.9% at $77.74 a barrel.
Brent crude futures were up $2.16 or about 2.71% at $81.78 a barrel a little while ago.
Investors look ahead to demand forecasts from the Energy Information Administration (EIA) and the Organization of Petroleum Exporting Countries (OPEC), on Tuesday. The EIA's weekly inventory data is due on Wednesday.
Markets are also awaiting the Federal Reserve's monetary policy announcement. The Fed is widely expected to hold rates unchanged. The accompanying statement is in focus for clues about the central bank's future policy moves.
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