Crude recovers from last week's losses as the move by Beijing and upbeat Fed prospects set a positive tone, analyst says
Singapore — Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns.
Brent and WTI tumbled more than 8% last week, their biggest weekly declines at the start of a year since 2016. Over the last week, airlines have boosted their January international seat capacity to and from China by 9.5% as they ramp up flights after its border opening, according to aviation data provider Cirium.
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