LONDON (Archyde.com) – Oil prices rose on Monday on optimism that Chinese demand will increase following positive signs that the coronavirus pandemic is easing in the hardest-hit areas. Brent crude futures rose $1.34, or 1.2 percent, to $112.89 a barrel at 1342 GMT, while US West Texas Intermediate crude futures rose $2.2, or less than 0.1 percent, to $112.71 a barrel. On Monday, an official in Shanghai said that the city aims to reopen widely and allow the normal life of its 25 million residents to resume from June 1, following infections subsided. However, it is estimated that 46 cities in China are under lockdown, affecting shopping, factory production and energy use. Meanwhile, US gasoline futures hit an all-time high on Monday, as falling inventories fueled supply fears. Oil prices also found some support when diplomats and European Union officials expressed optimism regarding reaching an agreement on a phased ban on Russian oil despite concerns regarding supplies in Eastern Europe.
