Oil prices reversed losses on Monday, with Brent crude rising by 1.3% to close at $82.73 per barrel and US West Texas Intermediate (WTI) crude up 1.1% to $78.76 per barrel, amid optimism that holiday travel in China would boost fuel demand.
With overseas tour bookings for the May Day holiday up by 157% from the beginning of April, demand for oil is expected to pick up across Asia as China's largest online travel firm, Ctrip, continues to show signs of recovery in the country's travel industry.
OPEC+ plans for additional supply cuts from May could also lift prices, as well as signs of an imminent restart in northern Iraqi oil exports after a month-long standstill.
Despite soft US economic data initially driving weakness in oil markets, Brent is expected to hover around the $80/barrel region in the near future.
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