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WTI : Crude Oil rose above $86 per barrel on Monday, recouping some losses after falling nearly 8% last week, in what analysts attributed to bargain hunting, an easing dollar and hopes for more policy support from the Chinese government.

Meanwhile, fears of a global economic slowdown and a weakening demand outlook continued to hang over markets. US Federal Reserve officials indicated readiness to raise interest rates higher than previously planned to get ahead of persistently high inflation, fueling fears that tightening financial conditions could tip the global economy into recession.

Top crude importer China also signaled on adjustments to its strict zero-Covid policy that has dragged on its economy and energy demand. Looking ahead, further volatility is expected in oil prices as OPEC+ is set to reduce output significantly in November, while the European Union embargo on Russian oil takes effect in December.