Crude prices edged up about 1% to a five-month high on Monday on expectations oil demand will climb following the release of positive economic news from the U.S. and China, while OPEC+ cuts and attacks on Russian refineries tighten global supplies.
Brent futures were up 54 cents, or 0.6%, to $87.54 a barrel by 1:47 p.m. EDT (1747 GMT), while U.S. West Texas Intermediate (WTI) crude rose 71 cents, or 0.9%, to $83.88.
That puts both crude benchmarks on track for their highest closes since Oct. 27.
The increase in WTI futures cut the U.S. diesel crack spread , which measures refining profit margins, to its lowest since May 2023 for a second day in a row.
In the U.S., manufacturing grew for the first time in 1-1/2 years in March as production rebounded sharply and new orders increased, but employment at factories remained subdued amid "sizable layoff activity" and prices for inputs pushed higher.
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