Oil is rising as recession fears begin to recede

Oil prices rose slightly in early Asian trading on Monday as fears of a recession in the United States began to recede, after causing prices to fall for three consecutive 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 would slow the economy and slump fuel demand in the world’s largest oil consumer led to a 5.3 percent drop in Brent crude last week, and pushed WTI down 7.1 percent, despite a big rebound on Friday that saw all 4 crude rise. percent.

A better-than-expected April U.S. jobs report, dollar 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.

On Wednesday, the United States is expected to release a report on consumer price index for April, which will determine the attitude towards interest rates amid expectations that the Federal Reserve will temporarily stop raising interest rates.