Brent climbs 3% as recession concerns subside

International benchmark Brent rose 3% in European trade today on track for the third profit in a row off two-month lows, while US recession concerns subside.

The gains come after Brent sustained the third weekly loss in a row last week, the longest such streak of weekly losses this year, 

Brent Today

Brent prices rose 2.75% to $77.24 a barrel, with a session-low at $75.00, after rising 3.9% on Friday, the second profit in a row off two-month lows at $71.40.

Brent was down 6.25% last week, the third weekly loss in a row amid concerns about Chinese demand. 

US Economy

Recent US data showed the labor sector remains strong and tight, reducing concerns about recession due to higher US interest rates. 

OPEC + 

Many analysts now expect OPEC+ supplies to decline starting this month, in turn underpinning oil prices, with the oil cartel holding a meeting next June to discuss policies. 

Goldman Sachs also released assessments that ongoing concerns about supply and demand in the short term are exaggerated.