Crude Prices Spike as IEA Highlights China’s Recovery

Oil prices hiked on Monday after falling 8% last week to more than three-week lows as concerns that slower growth in major economies may limit fuel consumption outweighed signs of a demand recovery in China, the world's top oil importer.
Brent crude futures rose 32 cents, or 0.4%, to $80.26 a barrel, while US West Texas Intermediate crude futures climbed 22 cents, or 0.3% higher, to $73.61, Reuters reported.
Last Friday, WTI and Brent slid 3% after strong US jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. 
The stronger greenback typically reduces demand for dollar-denominated oil from buyers paying with other currencies.
While recession fears dominated the market last week, on Sunday International Energy Agency Executive Director Fatih Birol highlighted that China's recovery remains a key driver for oil prices.
The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging.
He said depending on how strong that recovery is, the Organization of Petroleum Exporting Countries and allies, together called OPEC+, may have to reassess their decision to cut output by 2 million barrels per day through 2023.