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WTI crude gained more than 0.7% to $43.3 a barrel on Monday, extending a 1.5% rise in the previous week, as Hurricane Laura passed and Texas avoided the worst of the storm, allowing affected refineries to start the recovery process.
Meanwhile, investors’ sentiment improved after official PMIs for China showed both factory and services activities expanded in August as the economy continues to recover from the pandemic.
A weaker dollar is also supporting oil prices despite concerns about the fuel demand recovery as the coronavirus pandemic is far from controlled.
On the month, WTI crude gained more than 7% so far, the 4th straight monthly rise.
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