Sharjah24 - AFP: Oil prices marginally increased on Monday after dropping 8% last week to more than three-week lows as hints of a recovery in China, the world's top oil importer, offset worries that slower development in major nations may constrain gasoline use.
Brent crude futures rose 19 cents, or 0.2%, to $80.13 a barrel at 0502 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed 9 cents, or 0.1% higher, to $73.48 a barrel.
Last Friday, WTI and Brent slid 3% after strong U.S. jobs data raised concerns that the Federal Reserve would keep raising interest rates, which in turn boosted the dollar. The stronger greenback typically reduces demand for dollar-denominated oil from buyers paying with other currencies.
While recession fears dominated the market last week, on Sunday International Energy Agency (IEA) Executive Director Fatih Birol highlighted that China's recovery remains a key driver for oil prices.
The IEA expects half of global oil demand growth this year will come from China, where Birol said jet fuel demand was surging.
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