Oil prices edge up as strong economic data feeds hopes for demand
HOUSTON (Reuters) – 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 a.m. ET (1520 GMT). U.S. 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%.
