Oil prices extended gains on Monday, propped up by a weaker dollar and tight supplies that offset concerns about recession and the prospect of widespread COVID-19 lockdowns in China again reducing fuel demand.
Brent crude futures for September settlement rose $2.44, or 2.4%, to $103.60 a barrel by 0900 GMT, having advanced by 2.1% on Friday.
U.S. West Texas Intermediate (WTI) crude futures for August delivery gained $2.17, or 2.2%, to $99.76 after rising by 1.9% in the previous session.
Both Brent and WTI last week registered their biggest weekly declines for about a month on fears of a recession that would hit oil demand. Mass COVID-testing exercises continue in parts of China this week, raising concerns over oil demand from the world's second-largest oil consumer. read more
However, oil supplies remain tight. As expected, U.S. President Joe Biden's trip to Saudi Arabia failed to yield any pledge from the top OPEC producer to boost oil supply. read more
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