Oil jumps nearly 2% on Chinese factory data, U.S. stimulus hopes
Oil rose on Monday, supported by an improvement in Chinese factory data, rising energy demand and hopes for an agreement in the United States on more coronavirus-related economic stimulus.
Brent crude rose 82 cents, or 1.9%, to $45.22 a barrel.
West Texas Intermediate crude settled 72 cents, or 1.7%, higher at $41.94 per barrel.
Prices found support after U.S. President Donald Trump said House Speaker Nancy Pelosi and Senator Chuck Schumer, top Democrat in that chamber of congress, wanted to meet with him to make a deal on coronavirus-related economic relief.
The talks between Democrats and members of Republican Trump’s administration broke down last week.
On Sunday, Saudi Arabian Aramco CEO Amin Nasser he sees oil demand rebounding in Asia as economies gradually open up.
China’s factory deflation eased in July, driven by a rise in global oil prices and as industrial activity climbed toward pre-pandemic levels.
Reference: CNBC
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