Oil extended gains on sign of recovering demand in China

International benchmarks for crude oil extended the uptrend on Monday, 16 May 2022 on signs of improving demand outlook in China as the COVID-19 outbreak seems under control in some of the hardest hit regions. Shanghai is set to reopen on 1 June 2022.

Brent for July delivery jumped $2.69 or 2.4% to settle at $114.24/barrel.

WTI added $3.71 or 3.4% to settle at $114.20/barrel.