Crude prices rose in Asian trade on Monday, boosted by encouraging economic data from major importer China, now approaching an OPEC+ meeting for signs of fresh supply.
Oil held some risk premium due to growing tensions between Russia and Ukraine.
Production activity at the world’s largest oil importer rose significantly in November.
However, warnings of additional tariffs after the election of the US president dampened enthusiasm about China, limiting crude’s overall gains.
Production is expected to increase further, citing persistently low oil prices and fears of sluggish demand next year. OPEC+ has continued to cut demand forecasts for 2024 and 2025,
