Despite the rise… Weekly oil losses globally

Oil prices rose on Friday after the U.S. jobs report reduced recession fears, as tensions over the banking crisis eased.

Benchmark Brent crude futures for July delivery rose 3.9%, equivalent to $2.80, at $75.30 per barrel, but the following month’s delivery contract recorded weekly losses of 6.3%.

The better-than-expected U.S. jobs report helped ease some fears of an impending economic recession, with the U.S. economy adding 253 thousand jobs in April, more than expected by adding 180 thousand, while the unemployment rate fell to its lowest level in several decades at 3.4%.

Domestic bank stocks in the United States have moved higher, following calls for the Securities and Exchange Commission’s intervention to investigate possible bank stock rigging, calming banking contagion fears in the markets.

Beckerhuse data showed the number of oil exploration platforms worldwide fell by 71 to 1808 during April, from 1879 during March, while the number of oil exploration rigs in the United States fell by three to 588 in the week ending May 5.