Singapore, January 09 (QNA) – Oil prices edged up on Monday after China reopened its borders, lifting the fuel demand outlook and partly offset concerns of global recession.
Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel, while US West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.
Both Brent and WTI tumbled more than 8% last week, their biggest weekly dives at the start of a year since 2016.
China, the world’s second-biggest oil consumer, opened its borders on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels. (QNA)
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