Oil rises on demand optimism, WTI crude exceeds $76

Oil prices closed higher today, Dec. 20, amid optimism about the prospects for crude demand in China.

Prices also found support as US dollar edged lower, making commodities denominated in the greenback more attractive.

Investors remain optimistic about demand from China, as the authorities continue to ease restrictions related to COVID-19, which supports higher consumption in the long term.

Meanwhile, Saudi Minister of Energy Prince Abdulaziz bin Salman said OPEC+ leaves politics out of its decision-making process, assessments and forecasting. It focuses solely on market fundamentals.

Brent crude rose 0.2%, or 19 cents, to settle at $79.99 a barrel. WTI crude climbed 1.2%, or 90 cents, to $76.09 a barrel.