Oil prices rose for a fifth straight session on Monday as fears of a U.S. recession eased, while geopolitical tensions in the Middle East also supported prices..
Oil prices gained more than 3 percent last week.
Brent crude rose 28 cents, or 0.4 percent, to $79.94 a barrel by 06:35 GMT, while U.S. West Texas Intermediate crude rose 42 cents, or 0.6 percent, to $77.26, according to Reuters.
“The support comes from better-than-expected US data last week, which eased recession fears in the US,” said IG Markets analyst Tony Sycamore.
“There is a lot of concern about when Iran will retaliate for Israel’s assassination of senior Hamas and Hezbollah leaders, and it seems to be a matter of when, not if,” he added.
“Markets are still waiting for Iran’s response,” said Warren Patterson, head of commodities research at ING.
Brent ended last week up 3.7 percent, while US crude rose 4.5 percent, supported by positive economic data and growing hopes for a US interest rate cut.
Last update: August 12, 2024 – 13:20
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2024-08-13 12:25:48