WTI, Brent Prices Rise

Oil rose on Monday as the prospect of demand recovery, led by China's loosening of Covid-19 curbs and the United States' decision to buy back oil for its state reserves, overcame global recession fears.
Brent crude futures rose 72 cents, or 0.9%, to $79.76 a barrel while US West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8%, Reuters reported.
China, the world's top crude oil importer and No. 2 oil consumer, is experiencing its first of three expected waves of Covid-19 cases after Beijing relaxed mobility restrictions.
"Despite a surge in Covid cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said.
On Friday, news outlet Caixin reported that China's plans to increase flights with a goal to restore the country's average daily passenger flight volumes to 70% of 2019 levels by Jan. 6.
China's diesel and gasoline exports continued to surge in November to their highest level in over a year, as refiners dashed to use up their 2022 export quotas and sell rising inventory.
Brent and WTI rose more than 3% last week over the Canada to US pipeline closure, as its operator TC Energy Corp focuses on cleaning up an oil spill.