Crude oil futures rose more than 1% to trade above $98 a barrel, after sliding more than 15% last week amid a broad correction across commodity markets.
Asian stock markets are broadly higher on Monday, as speculation the U.S. economic recovery was gathering pace lifted market sentiment.
Oil prices are advancing this morning primarily reacting to the very sharp loss late last week, which was too fast, according market analysts.
Buying is evident, as many traders consider the pricing level an opportunity.
Positive employment data from the U.S., world’s biggest oil consumer also provided a boost to oil prices.
Oil producers will definitely continue to enjoy the benefits of higher valuations, if the run continues.
Emirates Airlines is expected to re-introduce the oil surcharges to the price of tickets.
