Despite market volatility, oil prices rose nearly 2% on Monday as positive economic data from China and the United States fueled hopes for demand despite warnings of an impending recession.
Brent crude futures settled $1.73, or 1.8%, at $96.65 a barrel. U.S. West Texas Intermediate crude was at $90.76 a barrel, up $1.75, or 1.97%.
Fears of a recession pushed prices down last week by 13.7%, the lowest settlement since February. It was Brent’s biggest weekly drop since April 2020, and WTI lost 9.7%.