Crude Oil price rose 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, started receding.
Brent crude futures were up 43 cents to sell at $75.73 per barrel, while U.S. West Texas Intermediate crude futures recorded an upward price margin of 45 cents to trade at $71.79 a barrel.
Read Also: FG, FAO Signs $99.5m Pact To Develop Agriculture
Fears 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% last week, while WTI plunged 7.1%.
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% each on Friday.
Crude oil prices are trying to stabilise, as energy traders wait to see if OPEC+ might have to signal they are willing to reduce output even further.
Asian Stocks Goes Higher
As investors braced for a week where U.S. inflation data will test wagers, Asian stocks in the market were mostly higher this morning.
MSCI’s broadest index of Asia-Pacific shares outside Japan edged up 0.7%, while Japan’s Nikkei eased 0.6%.
You Can Also Read: Q1: Banks, FAAC, Rake In ₦135.56trn – NIBSS
Chinese blue chips gained 1.1% ahead of data on trade and inflation due later in the week. EUROSTOXX 50 futures added 0.1%, while FTSE futures were closed for a holiday.
The S&P 500 futures and Nasdaq futures were both little changed, after jumping on Friday in the wake of Apple’s upbeat results.
