|
|
Recession worries lightened, boosting oil prices by over 2%Concerns about an impending economic recession were somewhat alleviated upon news on Friday that energy stocks made a comeback after the US reported healthy job figures, prompting oil to rebound |
|
International benchmarks for crude oil at the start of the week, 8 May 2023, rallied beyond 2% as recession worries took a backseat on robust US jobs report.
Brent crude went up $1.71 or 2.3% to settle at $77.01 while US West Texas Intermediate piled up $1.82 or 2.6%, nestling at $73.16.
Concerns about an impending economic recession were somewhat alleviated upon news on Friday that energy stocks made a comeback after the US reported healthy job figures, prompting oil to rebound this session said CMC Markets analyst Tina Teng.
Additionally, it is worth bearing in mind that oil prices were supported by the onset of wildfires in Alberta, the main oil province in Canada forcing producers to shut about 2% or 185,000 barrels of oil equivalent per day (boepd) of Canada’s oil output.
