Oil prices rose on Monday amid optimism over China’s demand recovery, concerns that underinvestment will crimp future oil supply and as major producers keep output limits in place.
Brent crude rose 70 cents, or 0.8%, to $83.70 a barrel by 0720 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was at $76.89 a barrel, up 55 cents or 0.7%. The more active April contract was up 0.8% at $77.14.
The benchmarks settled down $2 a barrel on Friday, and closed lower by about 4% last week after the United States reported higher crude and gasoline inventories.
Serinus Energy plc (LON:SENX) is an international oil company with operations in Romania and Tunisia. The focus of the Company is to enhance shareholder value by growing oil and gas production through the efficient allocation of capital.