Libya News 24
Oil prices rose on Monday in late morning Asian trade, reversing a weak start, as rebounding Chinese demand and a weaker dollar supported a market rattled by the prospect of a US rate hike.
Brent crude futures rose 19 cents, or 0.23 percent, to $82.97 a barrel. West Texas Intermediate crude futures rose 20 cents, or 0.26 percent, to $76.88 a barrel, according to Reuters.
Market sentiment was fragile, as concerns about further monetary tightening by the Federal Reserve were exacerbated by rising US crude oil inventories.
A weaker dollar makes oil cheaper for holders of other currencies, which supports oil prices.
Prices were also supported by comments made by Amin Nasser, CEO of Saudi Aramco, on Sunday regarding Chinese demand for crude.