Oil prices rose slightly on Monday as traders remained cautious despite receding fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November.
Brent crude futures were up 11 cents, or 0.2%, at $75.41 a barrel at 0252 GMT. U.S. West Texas Intermediate crude futures were up 12 cents, also 0.2%, at $71.46.
Fears that the U.S. banking crisis will slow the economy and sap fuel demand in the world's biggest oil consuming nation drove the Brent benchmark down 5.3% last week, while WTI plunged 7.1%.report for April, a weaker dollar, and expectations of supply cuts at the next meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+, in June, helped the benchmarks rebound about 4% each on Friday.
Goldman Sachs analysts said in a note on Saturday that concerns over near-term demand due to stress in the U.S. banking system and an industrial slowdown, and elevated global supply due to limited compliance with OPEC+ cuts were "overblown".
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