Oil ends higher, takes back some ground lost in last week’s selloff

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Oil futures finished higher on Monday, finding support from some signs of demand strength and tighter inventories, after worries about the economic outlook prompted prices for U.S. and global benchmark crude to lose more than 5% last week.

Price action
Market drivers

Both Brent and WTI dropped more than 5% last week, ending a streak of four consecutive weekly gains as crude gave back a chunk of the rally scored earlier this month after Saudi Arabia and other OPEC+ countries announced production cuts of around…

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