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Crude oil market settled higher on Monday, 24 April 2023 after both contracts fell into the 5% ballpark last week as investors were upbeat on the possibility that the holiday travel in China would reflect positively on fuel demand. 

Brent crude increased $1.07 or 1.3% to settle at $82.73/barrel while US West Texas Intermediate crude notched up 89 cents or 1.1% to close at $78.76/barrel.

Even though the uneven recuperating Chinese economy has left the oil demand narrative rather grey, Chinese customs data on Friday indicated record import volumes in March. Overseas tour booking points further to a convalescing economy. Bob Yawger, director of energy futures at Mizuho added, “There’s a lot of optimism around Chinese holidays as it impacts jet fuel demand, the first genuine numbers on Chinese demand construction.”