Oil prices rise 1%

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    MELBOURNE- Oil prices climbed on Monday, supported by Saudi optimism on Asian demand and an Iraqi pledge to deepen supply cuts, although uncertainty over a deal to shore up the US economic recovery capped gains.

    US West Texas Intermediate (WTI) crude futures rose 50 cents, or 1.2 percent, to $41.72 a barrel, while Brent crude futures were up 40 cents, or 0.9 percent, at $44.80 a barrel.

    Both benchmark contracts fell on Friday, hurt by demand concerns, but Brent still ended the week up 2.5 percent, with WTI up 2.4 percent.

    “Comments from the weekend from Aramco are the driver at the moment,” said Michael McCarthy, market strategist at CMC Markets and Stockbroking.

    Saudi Arabian Aramco’s Chief Executive Amin Nasser said on Sunday he sees oil demand rebounding in Asia as economies gradually open up after the easing of coronavirus lockdowns.