Oil prices rose during early Monday trading after a long streak of weekly declines, with the overall market sentiment expected to remain lukewarm due to worries about the state of the American economy.
Brent crude oil prices were trading at $75.42 per barrel on Monday, as of 10:44 a.m. EST, up from its opening of $74.22. West Texas Intermediate (WTI) prices were trading at $71.28 per barrel, up from around $70.08. The rise in oil prices follows four consecutive weekly losses till last weekend, which is the longest streak of weekly declines since September 2022. The decline was due to concerns that the United States could slip into a recession as the country edges toward a historic default next month. Given the bigger negative economic picture, some experts foresee oil markets to remain “tepid” in the near term….