SINGAPORE, Dec 19 (Reuters): Oil rose on Monday as the prospect of demand recovery, led by China's loosening of Covid-19 curbs and the United States' decision to buy back oil for its state reserves, gained the upper hand over global recession fears.
Brent crude futures gained 42 cents, or 0.5%, to US$79.46 a barrel by 0753 GMT while U.S. West Texas Intermediate crude was at U$74.67, up 38 cents, or 0.5%.
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