Oil climbs almost 3pc

SINGAPORE, May 8 (Reuters): Oil rose almost 3.0 per cent on Monday as US recession fears eased and some traders took the view that crude's recent price slide was overdone with three straight weekly declines for the first time since November.
A healthy US jobs report for April helped oil to climb by about 4.0 per cent on Friday even though labour market strength could compel the Federal Reserve to keep interest rates higher for longer.
Brent crude was up $2.05, or 2.7 per cent, at $77.35 a barrel by 1330 GMT. US West Texas Intermediate (WTI) crude also gained $2.05, or 2.9 per cent, to $73.39.
"Oil's rebound follows energy stocks' comeback on Wall Street last Friday after the US reported strong job data, which eased concerns about an imminent economic recession," said CMC Markets analyst Tina Teng.
Brent had finished last week with a decline of about 5.3 per cent while US crude plunged by 7.1 per cent even after Friday's rebound. Both benchmarks were down for three weeks in a row for the first time since November.