Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer.
Brent crude settled up $1.07, or 1.3%, at $82.73 a barrel while U.S. West Texas Intermediate crude settled up 89 cents, or 1.1%, at $78.76.
Last week, both contracts fell more than 5% for their first weekly declines in five as U.S. implied gasoline demand fell from a year earlier.
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.