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This page is the English version of Almasirah Media Network website and it focuses on delivering all leading News and developments in Yemen, the Middle East and the world. In the eara of misinformation imposed by the main stream media in the Middle East and abroad, Almasirah Media Network strives towards promoting knowledge, principle values and justice, among all societies and cultures in the world

Oil Edges Up as Strong Economic Data Feeds Hopes for Demand

News - Middle East: Oil prices edged up on Monday, hovering near their lowest levels in months in volatile trading as positive economic data from China and the United States fed hopes for demand despite nagging fears of a recession.

 

Brent crude futures were up 93 cents, or 0.9%, at $95.85 a barrel by 11:20 am ET (1520 GMT). US West Texas Intermediate crude was at $89.68 a barrel, up 67 cents, or 0.8%.

Last week, fears that a recession could dent energy demand pushed front-month Brent prices down 13.7% to their lowest since February. It was Brent's biggest weekly drop since April 2020, and WTI lost 9.7%.

Both contracts recouped some losses on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July.

“Once again the macro influences have seeped back into this market especially as it relates to Friday's employment number the economics of that should be giving us much better gasoline demand than we're seeing," said John Kilduff, partner at Again Capital LLC in New York.

On Sunday, China also surprised markets with faster-than-expected growth in exports.

#Oil #Economic Data 22-08-08
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This page is the English version of Almasirah Media Network website and it focuses on delivering all leading News and developments in Yemen, the Middle East and the world. In the eara of misinformation imposed by the main stream media in the Middle East and abroad, Almasirah Media Network strives towards promoting knowledge, principle values and justice, among all societies and cultures in the world

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