Oil prices rebound by 2% after recent losses.

Brent crude oil rose nearly 2% on Monday, driven by easing economic slowdown fears in the US. Last week, Brent and WTI hit their lowest levels since Q4 2021, shedding over 5% and 7%, respectively. However, Goldman Sachs has labeled the oil sell-off as "overblown" in the face of a strong demand outlook, also noting that production cuts from OPEC+ begin this month, putting further pressure on supply to meet demand. The market will now be looking to OPEC's monthly oil market report due out on May 11, followed by the next OPEC+ meeting scheduled for June 4.