Oil prices edged up on Monday, a day after travellers streamed into China following a reopening of borders that lifted the fuel demand outlook and partly offset concerns of global recession.
Brent crude futures had risen 53 cents, or 0.7%, to $79.10 a barrel by 0114 GMT while U.S. West Texas Intermediate crude was at $74.23 a barrel, up 46 cents, or 0.6%.and depressing the dollar. A weaker greenback makes dollar-denominated commodities more affordable for investors holding other currencies.
"Crude oil futures had their biggest weekly losses in a month due to recession fears as oil prices have been positively correlated with inflation since 2022, though China's reopening may buffer the decline in the near term," CMC Markets analyst Tina Teng said in a note.on Saturday for the first time in three years, buoying the outlook for its demand for transportation fuels.
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