LONDON—Oil prices inched higher on Monday, recovering from an 8 percent fall last week to more than three-week lows, driven by expectations slower growth in major economies may limit fuel use.
Brent crude futures rose 17 cents, or 0.2, to $80.11 a barrel at 0946 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped a cent to $73.38.
Last Friday, WTI and Brent slid 3 percent after strong U.S. jobs data raised concerns the Federal Reserve would keep raising interest rates, which in turn boosted the dollar.
A stronger dollar typically reduces demand for dollar-denominated oil from buyers paying with other currencies.
While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol said China’s recovery remains a driver for oil prices….