Crude oil futures recovered from early losses and settled higher on Monday, after a survey showed German business sentiment improve marginally in April.
Reports that OPEC and its allies are planning additional supply cuts, and bullish forecasts about China's fuel demand recovery contributed as well to the rise in oil prices.
West Texas Intermediate Crude oil futures for June ended higher by $0.89 or about 1.1% at $78.76 a barrel.
Brent crude futures were up $1.03 or 1.26% at $82.49 a barrel a little while ago.
Optimism about holiday travel in China supported oil prices. According to reports booking in China for trips abroad during the upcoming May Day holiday indicate a recovery in travel to Asian countries, although the numbers are still well below pre-Covid levels.
