Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.
Brent crude futures had risen 53 cents, or 0.7 per cent, to US$79.10 a barrel by 0114 GMT while US West Texas Intermediate crude was at US$74.23 a barrel, up 46 cents, or 0.6 per cent.
Hopes for less-aggressive US interest rate rises are buoying financial markets and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.