2020.07.0610:36:00UTC+00Oil Prices Up On Recovery Hopes

Oil prices rose on Monday, with sentiment helped by signs of tighter supplies and a string of data from Europe pointing to a reasonably prompt economic recovery from the coronavirus pandemic.

Benchmark Brent crude rose 62 cents, or 1.45 percent, to $43.42 a barrel, while U.S West Texas Intermediate (WTI) crude futures were up 12 cents, or 0.30 percent, at $40.77.

Investors shrugged off rising coronavirus cases in the United States and some other countries to focus on last week's positive economic data from the U.S. and China.

Economic recovery optimism is in full swing, with a measure of Eurozone investor confidence index improving to -18.2 in July from -24.8 in June.

Retail sales activity also rebounded strongly in the euro area in May, U.K. construction activity surged back to growth in June and German factory orders advanced 10.4 percent month-on-month in May, boosting optimism on economic recovery.

China's benchmark Shanghai Composite Index jumped as much as 5.71 percent today, marking the biggest advance since 2015 amid bets that a recovering economy and easier financial conditions would fuel a boom in corporate profits.

The economy is recovering while its capital markets are attracting money, setting the scene for a healthy bull market, the official China Securities Journal said in an editorial.