Oil climbs almost 3% as recession fears begin to fade

Oil rose almost 3% on Monday as U.S. recession fears eased and some traders took the view that crude's recent price slide was overdone with three straight weekly declines for the first time since November.

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.

"Oil's rebound follows energy stocks' comeback on Wall Street last Friday after the U.S. reported strong job data, which eased concerns about an imminent economic recession," said CMC Markets analyst Tina Teng. Goldman Sachs analysts on Saturday said that concerns over near-term demand and elevated supplies were "overblown".

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