Oil prices settle up on demand optimism, US inflation in focus

New York, May 14 (BNA):Oil prices rose on Monday, as signs of improving demand in the U.S. and China, the top two oil consumers, aided the bounce from the previous session’s $1 a barrel slide.

 

U.S. West Texas Intermediate crude futures rose 86 cents, or 1.1%, to settle at $79.12 a barrel.

 

Brent crude futures gained 57 cents, or 0.7%, to settle at $83.36 a barrel, Reuters reported.

 

Prices drew support from expectations of strong U.S. gasoline demand, as motorist group AAA forecast this year’s Memorial Day travel activity will be the highest since 2005, with road trips at a record since 2000.

 

 

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