Oil prices rise on China demand recovery and supply concerns

Oil prices climbed on Monday due to positive sentiment regarding China’s demand recovery, concerns about underinvestment impacting future oil supply, and major producers maintaining output limits, as Reuters reported. 

Brent crude increased by 0.6% to reach $83.47 a barrel, while U.S. West Texas Intermediate (WTI) crude for March rose by 0.6% to $76.78 a barrel.

The recent announcement of the U.S. selling 26 million barrels of crude oil from its Strategic Petroleum Reserves may have put some downward pressure on the market, but global supply is expected to be stable or lower than the previous corresponding period after accounting for production cuts by Russia and OPEC+.

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.

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