reuters.com/markets/europe/oil-slides-amid-recession-fears-slow-recovery-china-imports-2022-08-08
Brent crude futures rise 22 cents, or 0.2%, to $95.14 a barrel by 0439 GMT. U.S. West Texas Intermediate crude was at $89.18 a barrel, up 17 cents. Both contracts settled higher on Friday after jobs growth in the United States unexpectedly accelerated in July.

Signs of weak demand in U.S. inventories last week had encouraged trades based on a weakening outlook. Stephen Innes, managing director of SPI Asset Management. read more at: dailymail.co.uk week.html#storylink=cpy.

Front-month Brent prices last week hit the lowest levels since February, tumbling 13.7%. WTI lost 9.7%, as concerns about a recession hitting oil demand weighed on prices. China, the world's top crude importer, imported 8.79 million barrels per day (bpd) of crude in July.

ANZ revises down its oil demand forecasts for 2022 and 2023. Oil demand for 2022 is now estimated to rise by 1.8 million bpd year-on-year. In the United States, energy firms last week cut the number of oil rigs by the most since September.

The U.S. Senate on Sunday passed a sweeping $430 billion bill intended to fight climate change, among other issues. It was the first drop in 10 weeks. The bill is expected to be signed into law by the end of the year. It is the first bill of its kind to be passed by the Senate in more than a decade.
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