Oil prices rose for the fifth consecutive session on Monday, continuing their gains with an increase of more than three percent last week, as recession fears in the United States subsided while geopolitical tensions in the Middle East supported prices. Additionally, support came from U.S. data that was better than expected last week, which alleviated concerns about a recession in the United States.
Brent crude ended last week up by 3.7% on a weekly basis, while West Texas Intermediate crude achieved gains of 4.5%, thanks to supportive economic data and growing hopes of a reduction in U.S. interest rates.
Three U.S. central bank governors said last week that inflation appears to be cooling enough to allow the Federal Reserve to cut interest rates next month. On another note, consumer prices in China rose at a faster pace than expected in July, while weekly jobless claims in the United States fell more than expected last week.
