Oil Rises on China Demand Optimism and Supply Concerns

An aerial view shows the Vladimir Arsenyev tanker at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia, on Aug. 12, 2022. Tatiana Meel/Reuters

LONDON—Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers, and Russia’s plans to rein in supply.

Brent crude rose 59 cents, or 0.7 percent, to $83.59 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 58 cents, or 0.8 percent, at $76.92 while the more active April contract gained 0.7 percent to $77.06.