Oil Prices End Higher

Oil prices ended the session higher today, Monday, reversing early session losses as investor optimism grew regarding travel support during a holiday in China boosting fuel demand from the world's largest oil importer. Brent crude closed up $1.07, or 1.3%, to $82.73 per barrel, while West Texas Intermediate crude closed up 89 cents, or 1.1%, to $78.76. Last week, contracts for both crude types dropped more than five percent, marking their first weekly decline in five weeks. Reservations in China for international trips during the upcoming Labor Day holiday indicate a continued recovery in travel to Asian countries, but numbers still remain far below pre-COVID-19 levels, with high long-haul flight ticket prices and insufficient flight availability.