SINGAPORE :Oil prices rose slightly on Monday as traders remained cautious despite receding fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November.Brent crude futures were up 11 cents, or 0.2 per cent, at $75.41 a barrel at 0252 GMT. U.S. West Texa
SINGAPORE :Oil prices rose slightly on Monday as traders remained cautious despite receding fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November.
"Oil's rebound follows energy stocks' comeback on Wall Street last Friday after the U.S. reported strong job data, which eased concerns about an imminent economic recession that led to the selloff early in the week," said Tina Teng, an analyst at CMC Markets. However a healthy U.S. jobs report for April, a weaker dollar, and expectations of supply cuts at the next meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, in June, helped the benchmarks rebound about 4 per cent each on Friday.
Goldman Sachs analysts said in a note on Saturday that concerns over near-term demand due to stress in the U.S. banking system and an industrial slowdown, and elevated global supply due to limited compliance with OPEC+ cuts were"overblown".
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