Oil prices closed higher on Monday, supported by data indicating that factories in China are returning to pre-pandemic levels, signs of increased energy demand, and hopes for an agreement in the United States on more stimulus measures related to the Corona virus.
Brent crude ended the world record for the nearest trading session maturity, up 59 cents, or 1.3%, to settle at $ 44.99 a barrel.US West Texas Intermediate crude futures rose 72 cents, or 1.8%, to settle at $ 41.94 a barrel.
Oil prices were also supported after US President Donald Trump said in a tweet that Democrat leaders in Congress want to meet with him to discuss an economic aid package linked to the Corona virus.
Talks between Democrats and the Trump administration collapsed last week.
“The oil complex is very dependent on that aid. We need people to be able to boost economic activity to stimulate demand,” said John Kilduff, partner at Again Capital in New York.
The decline in factory prices in China subsided in July, driven by an increase in global oil prices and with the rise in industrial activity towards levels before the pandemic.