Oil rises with positive economic data from China, US to quell recession fears

US unemployment rate falls to pre pandemic levels of 3.5% in July
August 08, 2022

Anadolu Agency – Oil prices increased on Monday following optimistic US jobs and Chinese exports data to mitigate recession fears.

International benchmark Brent crude was trading at $95.73 per barrel at 09.48 a.m. local time (0648 GMT) for a 0.85% rise after the previous session closed at $94.92 a barrel.

American benchmark West Texas Intermediate (WTI) was at $89.77 per barrel at the same time for a 0.85% increase from the closing price in the previous session of $89.01 a barrel.

Oil prices recovered from last week’s lows, supported by US job growth which beat expectations and accelerated unexpectedly in July, official data showed on Friday.

Additionally, the fall in the unemployment to 3.5% signaled positivity in the US economy, which is being threatened by a recession.

Government data on Sunday reported that China’s exports saw a faster-than-expected growth. China, the world’s top crude importer, imported 8.79 million barrels per day of oil in July, up from a four-year low in June.

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