Brent crude oil futures rose to around $71.2 per barrel on Monday, extending gains from the previous session, after top oil importer China promised new measures to boost consumption, and the U.S. ordered attacks on Yemen's Houthis. Beijing on Sunday unveiled plan on special initiatives to revive consumption, including raising people's incomes and establishing a childcare subsidy scheme. China’s better-than-expected economic data released on Monday also pointed to the growing strength of the nation’s recovery. Additionally, investors are worried about potential supply disruptions after the U.S. vowed to keep hitting Houthis until shipping attacks in the Red Sea stop. Also supporting prices were diminishing prospects of a swift end to the Ukraine war that could bring back more Russian energy supplies to Western markets. U.S. President Trump and Russian President Putin are expected to hold talks this week as the U.S. tries to broker a ceasefire in the ongoing conflict.
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