Oil nudges higher after China opens borders, lifts fuel demand outlook

Singapore, SANA- Oil prices edged up on Monday, a day after travelers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.

According to Reuters, Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. 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.

Manar Salameh/ Ruaa al-Jazaeri