Crude oil prices started Monday on a high note after the Chinese president said economic growth was entering a new growth phase.
West Texas Intermediate, the U.S. benchmark, recovered from a down week to post a 60 cent gain early Monday to trade at $79.28 for the December contract. Brent rallied more than $1 per barrel, recovering from last week's downfall to trade nearly the $85 mark.
Geopolitical tensions and weak economic data from Europe helped bring crude oil prices down. That trend is buoyed by high production from U.S. shale basins, pushing North American imports to record lows.
U.S. shale means the poles of demand are shifting toward growing Asian economies. Chinese President Xi Jinping told delegates at the Asia Pacific Economic Cooperation forum the Chinese economy was entering a "new normal" where qualitative growth is favored over quantitative growth.
China in the 35-year period ending in 2013 posted double-digit growth. It's slowed since to around 7.5 percent in recent years.
"Resilience best equips the Chinese economy against risks," the Chinese president said. "Given the strategies and policy options at our disposal, we have the confidence and capability to cope with potential risks."
