Brent crude futures for April, due to expire on Tuesday, were up by $1.55, or 1.9%, at $84.00 a barrel by 12:59 p.m. EST (1759 GMT). The more active May contract rose $1.72, or 2.1%, to $83.76.
U.S. West Texas Intermediate (WTI) crude futures gained $1.86, or 2.5%, to $77.54 a barrel.
“We’re getting to a point where we’re seeing some short-covering because it’s the end of the month,” said Price Group analyst Phil Flynn.
Expectations of demand recovery in China underpinned gains, with the market awaiting key data over the next two days. Economists polled by Reuters expected that factory activity in the world’s second-largest economy grew in February.
“China’s economic recovery will drive its demand for commodities higher, with oil positioned to benefit the most,” JPMorgan analysts said in a client note.
Urals crude exports to China from Russia’s Western ports rose in February from the previous month, on lower freight costs…
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