Oil prices climbed on Monday, buoyed by optimism surrounding China’s economic performance and market speculation ahead of the OPEC+ meeting. Investors are closely watching Beijing’s latest signals of economic resilience, as a recovery in the world’s second-largest economy is expected to support global oil demand. Analysts point to recent factory activity data and consumer sentiment trends as potential indicators of a rebound, with China’s demand outlook serving as a key driver for the commodity’s gains.
The upcoming OPEC+ meeting, set for later this week, is also fueling market anticipation. Traders are eyeing any potential policy shifts, particularly regarding production cuts or output strategies, as the alliance continues to balance prices against global demand uncertainties. Brent crude rose 0.4% to $85.20 a barrel, while West Texas Intermediate edged up 0.3% to $80.45. The market remains cautiously optimistic, awaiting clearer signals from both Beijing and Vienna.
