China Demand Hopes Lift Oil 

China Demand Hopes Lift Oil 
China Demand Hopes Lift Oil 

Oil prices rose on Monday amid optimism over China's demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place.
Brent crude rose 70 cents, or 0.8%, to $83.70 a barrel. US West Texas Intermediate crude for March, which expires on Tuesday, was at $76.89 a barrel, up 55 cents or 0.7%. The more active April contract was up 0.8% at $77.14, reported.
The benchmarks settled down $2 a barrel on Friday and closed lower by about 4% last week after the United States reported higher crude and gasoline inventories.
"Brent and WTI prices are up slightly this morning after selling off on recent hawkish Fed commentary, following stronger than expected CPI and PPI data released in the US," said Baden Moore, the head of commodities research at National Australia Bank.
While last week's announcement that the US will sell 26 million barrels of crude oil from its Strategic Petroleum Reserves adds some downward pressure to the market, global supply looks to be "flat to down" versus the previous corresponding period after factoring in production cuts by Russia and OPEC+, added Moore.
He was referring to the agreement by OPEC and allies, a group known as OPEC+, last October to cut oil production targets by 2 million barrels per day until the end of 2023.

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