U.S. oil prices moved back close to the $100-a-barrel mark on Monday, as investors took advantage of last week’s steep losses to scoop up the commodity on the view that President Joe Biden’s visit to Saudi Arabia would not yield quick supply fixes.

Price action

Market drivers

Crude prices have been trending lower since mid-June, amid rising concerns over a recession that will cut demand. The sharp retreat has seen both WTI and Brent sink below the $100-a-barrel threshold, with the U.S. benchmark at one point…