Oil futures settled higher on Monday, logging a partial rebound from last week’s steep losses. Saudi Arabia unexpectedly lifted most prices for oil that will be shipped to Asia in March, Bloomberg reported Monday. The higher prices offer a sign of stronger than anticipated Chinese oil demand, and that should give the market a lot of support amid growing concerns about spare oil production capacity, said Phil Flynn, senior market analyst at The Price Futures Group. U.S. benchmark West Texas Intermediate crude for March delivery CLH23, +1.25% rose 72 cents, or 1%, to settle at $74.11 a barrel on the New York Mercantile Exchange. Front-month contract prices, fell 3.3% on Friday to settle at their lowest since Jan. 4, down 7.9% for the week, according to Dow Jones Market Data.
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