An oil refinery is seen in this file photograph. Picture: REUTERS
Brent crude futures crawled up 16c, or 0.2%, to $80.10 a barrel by 2.22am, while US West Texas Intermediate crude futures rose 15c, also 0.2% higher, to $73.54 a barrel. While recession fears dominated the market last week, on Sunday International Energy Agency executive director Fatih Birol highlighted that China's recovery remains a key driver for oil prices.
He said depending on how strong that recovery is, Opec and allies, together called Opec+, may have to reassess their decision to cut output by 2-million barrels per day in 2023.
Source: Energy Industry News (energyindustrynews.net)
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