SINGAPORE : Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede.Brent crude futures were up 6 cents at $75.36 a barrel at 0022 GMT. U.S. West Texas Intermediate (WTI
SINGAPORE : Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede.
Concerns that the U.S. banking crisis will slow the economy and sap fuel demand in the world's biggest oil consuming nation drove the Brent benchmark down 5.3 per cent last week and sent WTI plunging 7.1 per cent, despite a sharp rebound on Friday which saw the benchmarks gain about 4 per cent each. "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.
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