Oil Bounces as China Demand Hopes Offset Recession Fears

Oil Bounces as China Demand Hopes Offset Recession Fears
Pumpjacks are seen against the setting sun at the Daqing oil field in Heilongjiang Province, China, on Dec. 7, 2018. Stringer/Reuters
Reuters
Updated:

LONDON—Oil rose on Monday after tumbling by more than $2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession.

China, the world’s top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023.