Crude oil futures ended sharply higher on Monday on optimism about increased demand for oil from China after the country relaxed certain Covid-related restrictions. Traders also reacted positively to the Chinese government's announcement plans to step up support for the economy. China has vowed to fight all pessimism about its economy, and said it will do what it takes to boost economic growth.
Benchmark crude oil futures for January delivery gained $0.91 or 1.25 percent at $75.20 a barrel on the New York Mercantile Exchange. Brent crude for February rose $1.21 or 1.52 percent to settle at $80.25 (Provisional) a barrel on London's Intercontinental Exchange.