Oil prices rose today rallying back after recession fears began to ease. A healthy US jobs report for April helped oil prices climb on Friday of last week. “Oil’s rebound (on Monday) follows energy stocks’ comeback on Wall Street last Friday after the U.S. reported strong job data, which eased concerns about an imminent economic recession,” said CMC Markets analyst Tina Teng. Also supporting oil prices, Alberta declared a state of emergency over the weekend in response to wildfires that have displaced nearly 30,000 people and prompted energy producers to shut in at least 185,000 barrels of oil equivalent per day (boepd), about 2% of Canada’s output. “An oversold market condition combined with Brent managing to find support ahead of the March low forced recently established short sellers to seek cover, potentially highlighting that the recent sell-off was overdone,” he said. WTI traded up $1.82 or 2.6% to close at $73.16. Brent traded up $1.71 or 2.3% to close at $77.01<\/p>\n\n\n\n
Oil prices rose today rallying back after recession fears began to ease. A healthy US jobs report for April helped oil prices climb on Friday of last week<\/p>\n","protected":false},"author":2,"featured_media":9320,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-9472","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n