Oil settled higher on stronger economic data

International benchmarks for crude oil gained nearly 2% on Monday, 8 August 2022 as strong economic data from the US and China bolster sentiment. Last Friday, the US reported stronger than expected job growth while China surprisingly see an 18% growth in exports in July. Investors took a breather even though fear of an economic recession lingers.

Brent added $1.73 or 1.8% to close at $96.65/barrel.

WTI was up $1.75 or 1.97% to settle at $90.76/barrel.