WASHINGTON (dpa-AFX) - Crude oil futures settled notably higher on Monday, extending gains from the previous session, amid rising optimism about outlook for energy demand.
Strong U.S. jobs data, a bigger than expected increase in China's exports in October, and the passage of the infrastructure bill in the U.S., have raised hopes that energy demand will see a marked surge in coming weeks.
Also, Saudi's state-owned producer Aramco's decision to raise the official selling price for its crude to customers in Europe, Asia and United States suggest that demand remains strong.
West Texas Intermediate Crude oil futures for December ended higher by $0.66 or about 0.8% at $81.93 a barrel.
Brent crude futures were up $0.90 or 1.1% at $83.64 a barrel a little while ago.
On Friday, the U.S. House of Representatives passed the infrastructure plan, which could create 2 million jobs a year over the decade. The plan would provide funds for broadband, roads, bridges and other projects.
Traders also noted the latest S&P Global Platts survey that said OPEC and its allies boosted crude oil production by 480,000 b/d in October, but only half of the group's members actually increased output last month as many in the coalition are struggling to pump as many barrels as they had promised.
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