International benchmark Brent rose on Monday on track for the third straight profit away from recent six-month lows on active short-covering.

Prices are also boosted as the US government prepares to fill up its strategic crude reserves.

Brent Price Today

Brent rose 1.1% to $76.45 a barrel, with a session-low at $75.03, after rising 2% on Friday, the second profit in a row away from recent six-month lows at $73.74.

Brent tumbled 4.1% last week, the seventh weekly loss in a row and the longest such streak in 2023.

Such a long streak of losses came amid concerns about global demand and especially in the US, China, and Europe as the economies slow down.

However prices are finding some support from US official schemes to refill strategic reserves, with some technical support as well after hitting six-month lows.

International Energy Agency President Fateh Peroll said the main victims of higher energy prices won't be Europe or the US but developing nations.

Otherwise, Chinese authorities vowed on Friday to stimulate local demand and improve economic activities in 2024, which could lend some support to fuel demand.