Brent crude rallied on Monday as Japan and China showed signs of healthy demand. The Japanese Finance ministry has said their imports rose 9.1% in April from a year ago and China imported a record 7.32 million barrels in April as healthy car sales increased demand.
Tension in the Middle East has also given traders reason to push prices higher. Having quickly taken the city of Ramadi 60 miles west of Baghdad, ISIS have set the Baiji refinery ablaze in an effort to deter oncoming Iraqi forces.
The refinery was captured last year and the inferno is unlikely to have any major impact on global supply but it highlights the willingness of ISIS to sabotage oil assets if they are forced into retreat.
Brent crude hit low in January but has since made a steady move higher as investors bet on higher prices in the second half of the year.
