Oil prices rise on China demand optimism, gasoline strength | Reuters

Oil prices rise on China demand optimism, gasoline strength | Reuters

Oil prices rose on Monday on optimism that China would see significant demand recovery after positive signs that coronavirus pandemic was receding in the hardest-hit areas.

Brent crude rose $1.34, or 1.2%, at $112.89 a barrel at 12:10 p.m. EDT (1710 EDT) 1342 GMT, while U.S. West Texas Intermediate (WTI) crude rose $2.22, or less than 0.1%, to $$112.71 a barrel.

Shanghai aims to reopen broadly and allow normal life to resume for the city's 25 million people from June 1, a city official said on Monday, after declaring that 15 of its 16 districts had eliminated cases outside quarantine areas. read more

However, it is estimated that 46 cities in China are under lockdowns, hitting shopping, factory output and energy usage.