<p>Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession.</p>.<p>Brent crude futures rose 72 cents, or 0.9 per cent, to $79.76 a barrel by 0103 GMT while US West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8 per cent.</p>.<p>China, the world's top crude oil importer and No 2 oil consumer, is experiencing its first of three expected waves of Covid-19 cases after Beijing relaxed mobility restrictions.</p>.<p>"Despite a surge in Covid cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said.</p>.<p>On Friday, news outlet Caixin reported that China's plans to increase flights with a goal to restore the country's average daily passenger flight volumes to 70 per cent of 2019 levels by Jan. 6.</p>.<p>China's diesel and gasoline exports continued to surge in November to their highest level in over a year as refiners dashed to use up their 2022 export quotas and sell down rising inventory.</p>.<p>Brent and WTI rose more than 3 per cent last week as a Canada to US pipeline remained shut with its operator TC Energy Corp focused on cleaning up an oil spill. The shutdown of the pipeline, with a capacity to send 622,000 barrels per day of Canadian crude to US refiners, has supported prices for US heavy crude grades.</p>.<p>An announcement by the US Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve also supported outlook for stronger prices.</p>.<p>This will be the United States' first purchase since this year's record 180 million barrel release from the stockpile.</p>
<p>Oil prices reclaimed ground on Monday after tumbling more than $2 a barrel in the previous session as optimism from China's reopening and oil demand recovery outweighed concerns of a global recession.</p>.<p>Brent crude futures rose 72 cents, or 0.9 per cent, to $79.76 a barrel by 0103 GMT while US West Texas Intermediate crude was at $74.89 a barrel, up 60 cents, or 0.8 per cent.</p>.<p>China, the world's top crude oil importer and No 2 oil consumer, is experiencing its first of three expected waves of Covid-19 cases after Beijing relaxed mobility restrictions.</p>.<p>"Despite a surge in Covid cases, the reopening optimism and accommodative policy improve oil's demand outlook," CMC Markets analyst Tina Teng said.</p>.<p>On Friday, news outlet Caixin reported that China's plans to increase flights with a goal to restore the country's average daily passenger flight volumes to 70 per cent of 2019 levels by Jan. 6.</p>.<p>China's diesel and gasoline exports continued to surge in November to their highest level in over a year as refiners dashed to use up their 2022 export quotas and sell down rising inventory.</p>.<p>Brent and WTI rose more than 3 per cent last week as a Canada to US pipeline remained shut with its operator TC Energy Corp focused on cleaning up an oil spill. The shutdown of the pipeline, with a capacity to send 622,000 barrels per day of Canadian crude to US refiners, has supported prices for US heavy crude grades.</p>.<p>An announcement by the US Energy Department on Friday that it will begin repurchasing crude oil for the Strategic Petroleum Reserve also supported outlook for stronger prices.</p>.<p>This will be the United States' first purchase since this year's record 180 million barrel release from the stockpile.</p>