Oil prices traded higher on Monday in thin trade, with many markets in eastern Asian countries closed for the Lunar New Year holiday.
Benchmark Brent crude futures rose 0.3 percent to $87.89 a barrel, while WTI crude futures were up 0.3 percent at $81.85.
Investor confidence has surged on hopes around China's demand recovery after the recent easing of travel restrictions.
Chinese oil demand rose by nearly 1 million barrels per day (bpd) sequentially to 15.41 million bpd in November, the highest level since February, according to recent data from the Joint Organizations Data Initiative.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.