Singapore, May 8 (BNA): Oil prices rose more than 2% on Monday as recession fears faded in the United States and some traders saw crude prices slump for three weeks amid exaggerated demand concerns.
Brent crude was up $1.57, or 2.1 percent, at $76.87 a barrel by 11:19 a.m. EDT (1519 GMT). US West Texas Intermediate crude also rose $1.73, or 2.4%, to $73.07, according to Reuters.
A good US jobs report for April helped Oil gain around 4% on Friday although labor market strength may force FeBrent to end last week down around 5.3% while US Crude fell 7.1% even after Friday’s rebound. Both benchmarks have fallen for three consecutive weeks for the first time since November.
A round of voluntary production cuts by some members of the Organization of the Petroleum Exporting Countries (OPEC) and allies, called the OPEC+ community, begins this month and the group holds its next meeting on June 4.
Before then, US April consumer price inflation figures will be in focus on Wednesday, which could influence the Fed’s stance on future interest rate decisions.
OPEC’s latest monthly oil market report is due out on Thursday, providing an updated reading of supply and demand forecasts.
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