Fears that the banking crisis in the United States could slow the economy and falling demand for fuel in the world’s largest oil consumer led to a 5.3% drop in Brent crude last week and caused West Texas Intermediate crude fell 7.1%, despite the strong rally on Friday, which saw all 4 crudes rise.
A better-than-expected U.S. jobs report for April, a weak dollar and dealers’ anticipation for the upcoming meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as the ‘OPEC+ in June helped.
price movement
Brent crude futures fell about 1 cent to $75.29 a barrel at 0242 GMT. U.S. West Texas Intermediate crude futures rose about 1 cent to $71.35, according to Reuters data.
Oil’s rally follows a rally in energy stocks on Wall Street last Friday after the US released strong jobs data, allaying fears of a looming recession that led to early selling. of the year,” said Tina Ting, analyst at CMC Markets. the week”.
On Wednesday, the United States is expected to release a Consumer Price Index report for April, which will determine attitudes towards interest rates, amid expectations of the Federal Reserve (the US central bank) temporarily stop raising interest rates.
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