Oil price rises more than 1% on hopes for economic recovery

Brent crude settled at US$44.15 a barrel, rising 63 cents, or 1.5%. U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 1.8%, to end at $41.01 a barrel

NEW YORK: Oil prices were up more than 1% on Monday on positive economic data from the United States, Europe and Asia, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts.

Brent crude settled at US$44.15 a barrel, rising 63 cents, or 1.5%. U.S. West Texas Intermediate (WTI) crude rose 74 cents, or 1.8%, to end at $41.01 a barrel.