SINGAPORE, April 24 Reuters Oil prices rose on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world39;s largest oil importer.

Brent crude rose 1.06, or 1.3, to 82.72 a barrel by 1217 p.m. EDT 1717 GMT. U.S. West Texas Intermediate crude rose 95 cents, or 1.2, at 78.82.

Last week, both contracts fell more than 5 for their first weekly declines in five as U.S. implied gasoline demand fell from a year earlier.

China39;s bumpy economic recovery after the COVID19 pandemic has clouded the oil demand outlook, though Chinese customs data on Friday showed record volumes of imports in March.

Bookings in China for trips abroad during the upcoming May Day holiday point to a continued recovery in travel to Asian countries, but the numbers remain far off preCOVID levels with longhaul airfares soaring and not enough flights available.

There39;s a lot of optimism around Chinese holidays as it relates to jet fuel demand, the first genuine numbers on Chinese demand construction, said Bob Yawger, director of energy futures at Mizuho.

Supply tightness owing to additional supply cuts planned by the OPEC producer group from May could also lift prices.

Planned output cuts by the OPEC alliance and a strong demand outlook from China could provide a fillip to prices in the coming days, said independent oil analyst Sugandha Sachdeva.

Iraq39;s northern oil exports also showed few concrete signs of an imminent restart…