Oil Bounces as China, US Data Ease Recession Fears

Oil prices bounced higher from multi-month lows on Monday, as investors' appetite improved following data on US jobs and Chinese exports that eased recession concerns.
Brent crude futures had risen 81 cents, or 0.9%, to $95.73 a barrel. US West Texas Intermediate crude was at $89.76 a barrel, up 75 cents, or 0.8%, Money.usnews.com reported.
Both contracts settled higher on Friday after jobs growth in the United States, the world's top oil consumer, unexpectedly accelerated in July. On Sunday, China also surprised markets with faster-than-expected growth in exports.
“Signs of weak demand in US inventories last week had encouraged trades based on a weakening outlook,” said Stephen Innes, managing director of SPI Asset Management. 
But the jobs and exports data had somewhat reversed that view, he added.
Front-month Brent prices last week hit the lowest levels since February, tumbling 13.7% and posting their largest weekly drop since April 2020, while WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices.
China, the world's top crude buyer, imported 8.79 million barrels per day of crude in July, up from a four-year low in June, but still 9.5% less than a year earlier, customs data showed.