U.S. oil futures settled higher for a third session in a row on Monday, with the gains a “function of increasing optimism for consumer demand in China, as the government is rapidly abandoning COVID restrictions and reopening the economy,” said Tyler Richey, co-editor at Sevens Report Research. Meanwhile in the U.S., “rates markets are pricing in a lower ‘terminal rate’ for the [Federal Reserve’s policy rate this year, largely thanks to the soft wage print in Friday’s jobs report.” The U.S. benchmark WTI crude for February delivery CLG23 rose 86 cents, or 1.2%, to settle at $74.63 a barrel on the New York Mercantile Exchange.
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