Brent crude futures for September settlement rose $2.44, or 2.4%, to $103.60 a barrel by 0900 GMT, having advanced by 2.1% on Friday
U.S. West Texas Intermediate crude futures for August delivery gained $2.17, or 2.2%, to $99.76 after rising by 1.9% in the previous session.
Both Brent and WTI last week registered their biggest weekly declines for about a month on fears of a recession that would hit oil demand. Mass COVID-testing exercises continue in parts of China this week, raising concerns over oil demand from the world’s second-largest oil consumer. Biden wants Gulf oil producers to step up output to help to lower oil prices and drive down inflation.
“Brent crude will find support at the end of the week if Russia does not turn the gas back on to Germany after Nord Stream 1 maintenance,” said OANDA senior analyst Jeffrey Halley.
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