WASHINGTON (dpa-AFX) - Crude oil prices climbed higher on Monday, gaining for a third straight session, amid hopes of increased demand for oil from China after the nation's government decided to reopen the economy.
A weak dollar contributed as well to the uptick in oil prices. Last week's data showing a contraction in U.S. service sector activity in the month of December, and the report showing a moderation in wage gains raised hopes the Fed will slow its pace of interest rate hikes.
West Texas Intermediate Crude oil futures for February ended higher by $0.86 or about 1.2% at $74.63 a barrel.
Brent crude futures were up $1.21 or about 1.5% at $79.78 a barrel a little while ago.
China reportedly opened its borders over the weekend for the first time in three years as part of its new policy on COVID-19.
Also, Chinese policymakers have pledged to increase support for the world's second-largest economy, adding to investor optimism about demand recovery in the world's top crude importer.
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