 U.S. oil futures settled higher for a third session in a row on Monday, with the gains a function of increasing optimism for consumer demand in China, as the government is rapidly abandoning COVID restrictions and reopening the economy, said Tyler Richey, co-editor at Sevens Report Research. Meanwhile in the U.S., rates markets are pricing in a lower terminal rate for the Federal Reserves policy rate this year, largely thanks to the soft wage print in Fridays jobs report. 