Oil Prices Edge Higher in Early Trade

Melbourne, February 06 (QNA) – Oil prices edged up in early trade on Monday after falling around 8% last week to more than three-week lows.

Brent crude futures crawled up 16 cents, or 0.2%, to $80.10 a barrel at 0022 GMT, while US West Texas Intermediate (WTI) crude futures rose 15 cents, also 0.2% higher, to $73.54 a barrel.

Last Friday, WTI and Brent slid 3% after strong US jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar.

While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China’s recovery remains a key driver for oil prices.

The IEA expects half of global oil demand growth this year will come from China. (QNA)