Oil prices creep higher as recession fears begin to fade

Oil prices creep higher as recession fears begin to fade
# 08 May 2023 09:10 (UTC +04:00)

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, APA-Economics reports citing Reuters.

Brent crude futures were up 11 cents, or 0.2%, at $75.41 a barrel at 0252 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 12 cents, also 0.2%, at $71.46.

"Crude prices may continue to take the rebounding tailwind," CMC Markets' Teng said.

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