Oil lifted by U.S. spending and plans to address prices | Reuters

Oil lifted by U.S. spending and plans to address prices | Reuters

Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand and the United States said it was weighing options to address high prices.

Brent crude was up 65 cents, or 0.79%, at $83.39 a barrel by 1443 GMT, having lost nearly 2% last week. U.S. oil gained 56 cents, or 0.69%, to $81.83 after a 3% fall last week. Both contracts rose by more than $1 a barrel in early trade.

U.S. President Joe Biden on Saturday welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which could boost economic growth and demand for fuel. read more

Further price support has also come from a decision last week by the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group collecticely known as OPEC+, not to speed up their planned production increases.