The anticipation of an economic stimulus plan in the United States has sent the price of brent crude oil up toward $115 in trading on Monday, according to the Reuters news agency.
Brent crude features for October traded 70 cents higher at $114.95 per barrel, while U.S. crude was trading up 12 cents at $96.54 per barrel.
The increase is somewhat surprising in light of data which show a drop in Chinese imports in August. Imports in the Asian giant fell by 2.6 percent year on year in August, far short of the 3.5 percent which was forecast for China earlier.
According to Reuters, the markets are hopeful that the poor jobs figures in the U.S. as well as the slowdown in China will encourage the U.S. Federal Reserve to infuse more cash into the American economy.
Federal Reserve Chairman Ben Bernanke will hold a briefing on Thursday, with many expecting him to announce another stimulus package.