Oil rises after Saudi Aramco sees Asia demand nearing full rebound

Oil rises after Saudi Aramco sees Asia demand nearing full rebound

Crude oil futures rose on Monday after Saudi Aramco issued a bullish forecast for market demand.

The oil producer's CEO said Sunday he sees Asian demand nearing pre-pandemic highs as economies reopen.

West Texas Intermediate crude jumped as much as 1.8%, to $41.96 per barrel, while international standard Brent crude gained 1.3% to $44.98.

Prices were also supported by Iraq slashing production by 400,000 barrels per day. The move helps Iraq comply with production cuts set by OPEC+ earlier in the year.

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Crude oil futures gained on Monday for the first time in three days after Saudi Aramco hinted at a strong demand recovery in Asia.

West Texas Intermediate crude jumped as much as 1.8%, to $41.96 per barrel. Brent crude, oil's international benchmark, climbed 1.3% to $44.98 at intraday