Oil prices climbed higher on Monday, lifted by China's plans to ship in large volumes of U.S. crude in August and September, outweighing concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
FILE PHOTO: The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Picture taken November 22, 2019. REUTERS/Angus Mordant/File Photo
Brent crude rose 21 cents, or 0.5%, to $45.01 a barrel by 0023 GMT while U.S. West Texas Intermediate crude was up 27 cents, or 0.6%, to $42.28 a barrel. Record crude imports from world’s top importer China and the easing of COVID-19 restrictions globally have supported oil prices, although new waves of coronavirus outbreaks in several countries are expected to cool consumption again.
Investors are looking for more clues on future supply from a meeting this week of a panel representing ministers of the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+. The meeting of the panel has been pushed back to Aug. 19, a day later than previously planned.
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