Oil prices up 2% to near 3-month high on tight supply, China stimulus hopes | Reuters

Oil prices up 2% to near 3-month high on tight supply, China stimulus hopes | Reuters

Oil prices climbed about 2% to a near three-month high on Monday on tightening supply, rising U.S. gasoline demand, hopes for Chinese stimulus measures and technical buying.

Brent futures rose $1.67, or 2.1%, to settle at $82.74 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.67, or 2.1%, to settle at $78.74.

Those were the highest closes for Brent since April 19 and for WTI since April 24, as both contracts were pushed into technically overbought territory above their 200-day moving averages.