Reuters: Oil prices rise further on stronger China outlook
LONDON (Reuters) -Oil prices rose by 1% on Monday to $88.50 a barrel, extending last week's gains on the back of a stronger outlook due to an expected economic recovery in top oil importer China this year.
Brent crude was up 88 cents, or 1%, to $88.51 at 1247 GMT, their highest since Nov. 18. West Texas Intermediate (WTI) U.S. crude rose 76 cents, or 0.93%, to $82.40 a barrel. Last week Brent rose 2.8%, while the U.S. benchmark logged a 1.8% gain.
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Update: Oil Climbs as Traders Weigh China Demand Outlook, Russian Supply (Bloomberg)
WNU Editor: China will be driving oil prices for the foreseeable future .... China Is Still The Biggest Driver Of Oil Prices (OilPrice.com).
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