LONDON—Oil prices rose on Monday, buoyed by optimism over Chinese demand, continued production curbs by major producers, and Russia’s plans to rein in supply.
Brent crude rose 59 cents, or 0.7 percent, to $83.59 a barrel by 1020 GMT. U.S. West Texas Intermediate (WTI) crude for March, which expires on Tuesday, was up 58 cents, or 0.8 percent, at $76.92 while the more active April contract gained 0.7 percent to $77.06.
The benchmarks settled $2 down on Friday for a decline of about 4 percent over the week after the United States reported higher crude and gasoline inventories.
The OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed in October to cut oil production targets by 2 million barrels per day (bpd) until the end of 2023….