Crude oil prices rose on Monday and the most active futures contract ended notably higher, despite lingering worries about outlook for fuel demand amid reimposition of mobility curbs in some countries due to a surge in coronavirus cases.
Data from Johns Hopkins University showed new coronavirus cases in the U.S. increased by at least 10% or more compared to the week before in 21 states as of Sunday. Health experts have been warning that coronavirus cases will surge in the fall and winter.
However, optimism about a new U.S. coronavirus relief package helped ease concerns about energy demand and supported oil prices.
U.S. House Speaker Nancy Pelosi expressed optimism Sunday that she hopes to find common ground for agreement with Treasury Secretary Stephen Mnuchin.
A weak U.S. dollar contributed as well to oil's uptick.
West Texas Intermediate Crude oil futures for November ended up $0.35 or about 0.9% at $40.60 a barrel, after hitting a high of $40.79 earlier in the day.
Brent crude futures moved up $0.51 or about 1.2% to $42.43 a barrel.