Oil rose on Monday as easing U.S. recession fears shifted market focus to tightening supplies, offering support after crude prices registered three straight weekly declines for the first time since November.
A healthy U.S. jobs report for April helped oil to climb by about 4% on Friday even though labour market strength could compel the Federal Reserve to keep interest rates higher for longer.
Brent crude was up $1.09, or 1.5%, at $76.39 a barrel by 0823 GMT. U.S. West Texas Intermediate (WTI) crude gained $1.03, or 1.4%, to $72.37.
