Oil recovers from 4-year low

Oil drilling rigs

Oil prices rose in early session today, May 6, as trading resumed in the Chinese market following a public holiday that began on May 1.

Brent crude was trading up 1.6% at $61.19 a barrel, at 8:04 am Makkah time. West Texas Intermediate (WTI) crude rose 1.6% to $58.05 a barrel.

At the end of trade on May 5, the benchmark crude oils settled at the lowest levels since February 2021.

Economic data released May 5 showed growth in the US services sector, with the Institute for Supply Management announcing that its services Purchasing Managers' Index (PMI) rose to 51.6 in April from 50.8 in March, against expectations of a decline to 50.2.

The American Petroleum Institute's report on US oil inventories is expected later today, before the official data from the US Energy Information Administration is released on May 7.