Oil dipped after the biggest weekly gain since early April as investors juggled signs of tightening supply and persistent demand concerns.
Brent futures traded near $78 a barrel after closing 4.8% higher last week following a pledge by Saudi Arabia and Russia to reduce supply. The market is flashing signs of strength and speculators have boosted their bullish bets for the global benchmark and West Texas Intermediate crude.
However, Treasury Secretary Janet Yellen said the risk of a US recession is “not completely off the table,” adding an element of caution to the market. She made the remark in a CBS interview broadcast on Sunday.
Read the full story on Bloomberg here.