WTI crude futures rebounded above $80 per barrel on Monday and extended gains into a fifth session as a weaker dollar boosted the appeal of greenback-priced commodities, offsetting concerns about China’s demand. Wall Street moved higher, and the dollar index retreated on growing bets the US Federal Reserve would not be as hawkish as previously expected.

Elsewhere, Premier Li Keqiang announced a GDP target of 5% for China in 2023 at the annual National People’s Congress, lower than markets anticipated, fuelling speculation that the reopening of the world’s second-largest oil consumer would not spur demand as initially thought. Meanwhile, the Wall Street Journal reported a growing rift between two of OPEC’s biggest producers, Saudi Arabia and the United Arab Emirates, sparking fears of a crack in the cartel’s policy which could lead to more supplies.