Oil prices climb as recession fears begin to fade

Oil prices rose on Monday as fears of a recession in the US, which drove prices down for three straight weeks for the first time since November, started receding. Brent crude futures were up 43 cents, or 0.6 per cent, at $75.73 a barrel at 06:24 GMT. US West Texas Intermediate (WTI) crude futures were up 45 cents, also 0.6pc, at $71.79 a barrel. “Oil’s rebound follows energy stocks’ comeback on Wall Street last Friday after the US 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. Fears that the US banking crisis will slow the economy and sap fuel demand in the world’s biggest oil consuming nation drove the Brent benchmark down 5.3pc last week, while WTI plunged 7.1pc. However a healthy US jobs report for April, a weaker dollar, and expectations of supply cuts at the next meeting of the Organisation of the Petroleum Exporting Countries and allies, together called OPEC+, in June, helped the benchmarks rebound about 4pc each on Friday.