Oil rises more than $1, extends gains to fifth straight session

Oil prices rose more than $1 a barrel on Monday, extending gains to a fifth straight session amid growing risks of supply disruptions in the Middle East as fears of a recession in the United States ease.

Brent crude futures rose $1.32, or 1.6%, to $80.98 a barrel by 1531 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.63, or 2.1%, to $78.47 a barrel.

Brent crude rose 3.7% last week, while WTI rose 4.5%, supported by stronger-than-expected U.S. data and rising hopes for interest rate cuts in the world’s largest consumer of crude.