Oil prices rose on Monday as China's plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
SINGAPORE - Oil prices rose on Monday as China’s plans to ship in large volumes of U.S. crude in August and September outweighed concerns over a slowdown in demand recovery after the coronavirus pandemic and an uptick in supplies.
Brent crude LCOc1 added 30 cents, or 0.7%, to $45.10 a barrel by 0410 GMT, while U.S. West Texas Intermediate crude CLc1 was up 34 cents, or 0.8%, to $42.35 a barrel. Record crude imports from the world’s top importer 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.
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