Oil prices inch up as recession fears begin to fade

Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede, Azernews reports citing Reuters.

Brent crude futures were up 6 cents at $75.36 a barrel at 0022 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $71.42.

Concerns 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 and sent WTI plunging 7.1%, despite a sharp rebound on Friday which saw the benchmarks gain about 4% each.

A healthy U.S. jobs 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 have helped stop the slide in prices.