Oil Continues to Rise, Holds On Last Week’s Gains

Oil prices rose for a fifth consecutive session today, extending gains from last week's more than 3% rise, as US recession fears eased while geopolitical tensions in the Middle East supported prices. Brent crude futures climbed 22 cents, or 0.3%, to $79.88 a barrel, while US West Texas Intermediate (WTI) crude futures rose 36 cents, or 0.5%, to $77.20. Brent ended last week up more than 3.5% on the week, while WTI gained more than 4%, on supportive economic data and increased hopes of a US interest rate cut. Source: Oman News Agency