Oil prices rose on Monday, buoyed by an improved outlook for crude demand as better-than-expected U.S. jobs growth added to market hopes a preliminary U.S.-China trade deal would be reached this month.
Brent crude futures gained 47 cents to settle at $62.17 a barrel. US West Texas Intermediate gained 34 cents or 0.6% to settle at $56.54.
Both benchmarks traded near the highest in more than a month as market optimism about progress in U.S.-China trade negotiations propelled U.S. stock indexes to record highs on Monday, elevating oil. Energy shares gained the most of the 11 major S&P 500 sectors.
Source: CNBC