2023-05-08 02:02:00
© Archyde.com. Cranes pump oil at the Vaca Muerta shale oil and gas field in Argentina. Photo from Archyde.com archive.
SINGAPORE (Archyde.com) – It was slightly higher in early Asian trade on Monday, as fears of a recession in the United States began to recede following causing prices to fall for three straight weeks for the first time since November.
Brent crude futures rose 6 cents to $75.36 a barrel by 0022 GMT. US West Texas Intermediate crude futures rose 8 cents to $71.42.
Concerns that the banking crisis in the United States will slow the economy and slump fuel demand in the world’s largest oil consumer led to a decline of 5.3 percent last week, and pushed West Texas Intermediate crude down 7.1 percent despite a big rebound on Friday that saw all crude rise 4 percent.
A better-than-expected U.S. jobs report for April, weakness and expectations of supply cuts at the next meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known together as OPEC+, in June helped stem the slide in prices.
“Oil’s recovery comes on the heels of a surge in energy stocks on Wall Street last Friday following the United States reported strong jobs data, easing fears regarding an imminent recession that led to an early sell-off,” said Tina Ting, an analyst at CMC Markets. of the week.”
On Wednesday, the United States is expected to release a report on the consumer price index for April, which will determine the attitude towards interest rates, amid expectations that the Federal Reserve (the US central bank) will stop raising interest temporarily.
(Prepared by Hassan Ammar for the Arabic Bulletin)
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