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Oil prices rose for a fifth straight session as of Aug. 12, paring gains of more than 3% last week as fears of a U.S. recession eased and geopolitical tensions in the Middle East supported prices.
Brent crude futures were up 22 cents, or 0.3%, at $79.88 a barrel, while U.S. West Texas Intermediate crude futures were up 36 cents, or 0.5%, at $77.20.
“Support comes from better-than-expected US data last week, which eased fears of a US recession,” said IG Markets analyst Tony Sycamore.
There is also great anxiety about when Iran might retaliate against Israel for killing key Hamas and Hezbollah leaders, he said.
In addition, the Israeli incursion intensified on Saturday, August 10, with an airstrike on a school compound that killed at least 90 people. Although Israel said the death toll was overstated. At the same time, Hamas questioned its participation in new negotiations on a ceasefire, reports Reuters.
Earlier, Brent rose more than 3.5% last week, while WTI rose more than 4% on upbeat economic data and heightened hopes for a US interest rate cut.
