Oil Prices Rise on Demand Optimism

Crude oil prices started to trade this week with gains, driven higher by positive factory output data from China and the prospect of continued fighting in the Middle East. At the time of writing, Brent crude was trading at $72.22 per barrel, with West Texas Intermediate at $68.36 per barrel, both up from Friday’s close, after the release of the Caixin/S&P Global PMI reading for November. The reading showed factory output in China had expanded at the fastest rate in five months in November. New orders jumped at the fastest rate since February…