Oil rises on demand outlook despite China fuel reserves release | Reuters
Oil prices rose sharply on Monday as expectations of strong demand and a belief that a key producer group will not turn on the spigots too fast helped reverse initial losses caused by the release of fuel reserves by No. 1 world energy consumer China.
Brent crude futures were up 84 cents, or 1%, to $84.56 a barrel at 12:49 p.m. EDT (1649 GMT) , after hitting a session low of $83.03.
U.S. West Texas Intermediate (WTI) crude futures gained 61 cents, or 0.7%, to $84.18, having fallen to $82.74 earlier.
A Reuters poll showed that oil prices are expected to hold near $80 as the year ends, as tight supplies and higher gas bills encourage a switch to crude for use as a power generation fuel.
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