Oil gains after U.S. infrastructure bill passes, Chinese exports rise

Oil gains after U.S. infrastructure bill passes, Chinese exports rise

TOKYO- Oil prices rose on Monday as positive signs for global economic growth supported the outlook for energy demand, while Saudi Arabia's state-owned producer Aramco raised the official selling price for its crude. Brent crude was up by 91 cents, or 1.1%, at $83.65 a barrel at 1028 GMT, after dropping nearly 2% last week. U.S. oil gained $1.13, or 1.39%, to $82.40, having declined almost 3% through Friday. U.S. President Joe Biden on Saturday welcomed congressional passage of a long-delayed $1 trillion infrastructure bill, which may boost growth and demand for fuel. China's export growth slowed in October but beat forecasts, buoyed by rising global demand ahead of the winter holiday seasons and improvements in coronavirus-hit supply chains. urn:newsml:reuters.com:*:nL4N2RT26K "The impressive growth in Chinese October exports and imports implies that the health of the world's second biggest economy is on the mend," Tamas Varga, analyst at PVM Oil Associates, said. "Saudi Arabia also reckons that the next few weeks will be tight, this is why its official selling price to Asia was increased by $1.40 a barrel." Saudi Arabia late on Friday raised the price of its benchmark crude for customers in Asia in December, exceeding market expectations. Demand