WASHINGTON (dpa-AFX) - Oil prices rose over 1 percent on Monday as encouraging U.S. jobs as well as Chinese exports data offered fresh evidence that the global economy is well on the recovery track.
Brent crude futures for January delivery rose 95 cents, or 1.2 percent, to $83.69 a barrel, after dropping almost 2 percent last week.
WTI futures for December settlement were up $1.03, or 1.3 percent, at $82.30, after having fell almost 3 percent through Friday.
China's export growth slowed in October but beat forecasts, buoyed by rising global demand ahead of the winter holiday seasons and improvements in coronavirus-hit supply chains.
Saudi Arabia's state-owned producer Aramco raised the official selling price for its crude to customers in Europe, Asia and United States, suggesting that demand remains strong as the OPEC producer and other major oil exporters keep the reins on supply.
Aramco hiked its December official selling price for its crude to $2.70 a barrel versus Oman/Dubai crude to the Asian countries, up $1.40 from this month.
In another development, the U.S. House of Representatives has passed the infrastructure plan on Friday with a 228-206 vote, which is expected to create 2 million jobs a year over the decade.
The plan, totaling more than $1.2 trillion, would provide funds for broadband, roads, bridges and other projects.
U.S. President Joe Biden said on Saturday that his administration has ways to deal with high oil prices after the OPEC+ coalition rejected calls from the U.S. and other big oil consuming nations to increase output by more than planned in December.
However, he was noncommittal on ordering a Strategic Petroleum Reserve release.
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