Oil rose more than 1% on Monday as Chinese economic figures and U.S. vaccination rate pointed to a strong rebound in demand in the world’s two largest economies.

Investors remain wary, however, over record-breaking infection rates in India, the third-largest fuel importer worldwide, along with higher OPEC+ oil supply.

Brent crude rose 92 cents, or 1.4%, to $67.68 a barrel by 11:21 a.m. EDT (1521 GMT). U.S. West Texas Intermediate rose 96 cents, or 1.5%, to $64.54 a barrel.

The United States and China, the world’s top two oil consumers, are expected to drive a recovery in demand from the coronavirus pandemic.

“Even as COVID-19 cases hit record levels this week, oil prices have moved higher on growing vaccination numbers in developed markets,” a BofA Global Research report said. “Recent data points to the high effectiveness of vaccines at preventing infections and fatalities.”

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Source: SweetCrudeReports