Oil Jumps 3 Percent on Demand Optimism as China Borders Reopen

Oil Jumps 3 Percent on Demand Optimism as China Borders Reopen
A pumpjack is seen at the Sinopec-operated Shengli oil field in Dongying, Shandong Province, China, on Jan. 12, 2017. Chen Aizhu/Reuters
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LONDON—Oil extended gains on Monday, rising about 3 percent after China’s move to reopen its borders boosted the outlook for fuel demand and overshadowed global recession concerns.

The rally was part of a wider boost for risk sentiment supported by both the reopening of the world’s biggest crude importer and hopes for less-aggressive increases to U.S. interest rates, with equities rising and the dollar weakening.