The West Texas Intermediate (WTI) for June delivery grew 0.89 U.S. dollars, or 1.14 percent, to settle at 78.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery gained 1.07 U.S. dollars, or 1.31 percent, to settle at 82.73 dollars a barrel on the London ICE Futures Exchange.
Though market players see oil demand shrinking, the start of May will usher in the start of the annual peak consumption season, said a research note by PVM Oil Associates on Monday.
"By most accounts, global oil demand will hit a record high this summer, which in turn should serve as a solid base for upward pricing pressures to return. Until then, however, economic uncertainty and interest rate jitters will keep upside potential in check," said PVM Oil Associates.
There's a lot of optimism around Chinese holidays as it relates to jet fuel demand, noted Robert Yawger, managing director and energy futures strategist of Mizuho Americas.
Meanwhile, there are few signs of imminent resumption of Northern Iraq's crude oil exports via Türkiye's Ceyhan oil terminal, according to a report by Reuters on Monday.
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