The oil market is growing correctively after falling last week

On Monday, the price of oil is rising as part of a correction after falling last week, as well as amid some easing of fears about a possible recession.

The current Brent oil quote is $76.90 per barrel, North American WTI oil is trading at $73.00. 

A positive factor for the market was the strong data on the labor market in the United States. The Non-Farm Payrolls report showed that unemployment unexpectedly fell to 3.4% in April, and the number of people employed in non-agricultural sectors of the economy increased by 253 thousand, better than forecasts. Thus, the US labor market remains strong despite the significant tightening of monetary policy by the Federal Reserve.

The market was also supported by comments from Fed Chairman Jerome Powell, who said that the US economy is likely to continue to grow at a moderate pace this year and avoid a recession.

An additional positive was brought by data that China is increasing oil purchases due to the growth of tourist activity in the country. Accordingly, demand will remain high in the next few months.