Global uncertainty weighs on oil prices despite supply concerns.

Oil prices settled higher on Monday as investors grew optimistic about fuel demand in China due to holiday travel. Brent crude settled up 1.3% at $82.73 a barrel while U.S. West Texas Intermediate crude settled up 1.1% at $78.76. Chinese customs data showed record volumes of imports in March, and bookings for trips abroad during the upcoming May Day holiday point to a continued recovery in travel to Asian countries. Additionally, planned output cuts by the OPEC+ alliance and supply tightness could lift prices in the coming days.