Brent oil futures rose 0.61% to $46.09 by 12:17 AM ET (5:17 AM GMT) and WTI futures were up 0.40% to $43.14.
Oil was up on Monday morning in Asia, with global stimulus measures continuing to support prices but with gains capped over creeping fears of an oversupply.
Hurricane Laura, which struck the Gulf of Mexico region during the previous week, had a weaker impact on oil markets than feared, with the region’s offshore platforms and refineries that were shut down during the storm continuing to restore operations.
A weak dollar was also supporting oil, but sluggish fuel demand recovery as the number of COVID-19 cases continues to rise and fears of an oversupply dampened investor sentiment.
Tran’s warning was supported by data from Refinitiv and Vortexa forecasting that Chinese crude oil imports in September will fall for the first time in five months.
Meanwhile, Saudi Arabia’s energy minister Prince Abdulaziz bin Salman Al-Saud reportedly said on Sunday that Saudi Aramco discovered two new oil and gas fields, Abraq al-Toloul oil field and Hadabat al Hajara gas field, in the country’s northern regions.