Oil rises more than 1% on hopes for economic recovery - Reuters

Oil rises more than 1% on hopes for economic recovery - Reuters:

Oil prices were up more than 1% on Monday on positive economic data from the United States, Europe and Asia, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts.

Brent crude settled at $44.15 a barrel, rising 63 cents, or 1.5%. U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 1.8%, to end at $41.01 a barrel.

U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, the Institute for Supply Management said.

A similar survey showed manufacturing activity across the euro zone expanded last month for the first time since early 2019, while positive manufacturing data in Asia also boosted oil.