On the other hand, in London, a barrel of Brent crude for April delivery, which ended Friday under $80 for the first time since Jan. 9, traded up 1.3% to $80.99.
Both benchmark crudes lost nearly 8% last week.
Both had fallen 3% last Friday after strong US jobs data. Supply concerns continued to weigh on markets as operations at Turkey’s Ceyhan oil terminal were halted following the strong earthquake that struck nearby on Monday.
Prices were boosted by China’s recovery prospects following the easing of COVID-19 restrictions, which continues to be a driver for oil prices.
The International Energy Agency (IEA) expects that half of the growth in global oil demand this year will come from China, the agency’s director said on Sunday, adding that demand for jet fuel was rising.
However, Friday’s US jobs data halted gains and raised expectations that the Federal Reserve’s rate hikes will not end with a hard economic landing, and that the US central bank could have more than one rate hike left. rates, which could slow economic growth and reduce demand for fuel.
The dollar also rose to a three-week high against the euro on Monday. A stronger dollar tends to reduce demand for greenback-denominated oil from buyers paying with other currencies.
Source: Ambito
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