Oil prices surge as economic slowdown fears ease

Oil prices surged on Monday as concerns about an economic slowdown eased following three consecutive weeks of losses on signs of weakening global crude demand. Brent, the benchmark for two thirds of the world’s oil, was up 2.18 percent at $76.94 a barrel at 7.41 pm UAE time. West Texas Intermediate, the gauge that tracks US crude, was trading 2.52 percent higher at $73.14 a barrel.

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