NEW YORK, Dec. 16 (Xinhua) -- Oil prices extended gains on Monday as optimism about the economy raised hopes of improved outlook for crude demand.
The West Texas Intermediate for January delivery settled 14 cents higher at 60.21 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery rose 12 cents to close at 65.34 dollars a barrel on the London ICE Futures Exchange.
"Buoyancy is being generated by optimism about the economy, rising stock markets worldwide in view of the 'Phase one deal' in the trade dispute between China and the United States, and a weak U.S. dollar," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note.
Looking ahead, analysts noted the yo-yo effect on the oil market is likely to persist, as the rise in the oil price already carries within it the seed of its upcoming decline.
The U.S. dollar continued its weakening trajectory on Monday with the dollar index, which measures the greenback against six major peers, down 0.16 percent at 97.0175 in late trading. Enditem
