Unlike other financial markets that were hit by the 'Powell tsunami', crude oil trading instead moved positively at the beginning of the week.
In the Asian session, US WTI futures traded higher at $94 a barrel, while Brent crude traded higher at $101 a barrel.
What drives this movement of black commodities?
It is none other than Saudi Arabia's statement last week regarding the possibility of OPEC+ production cuts to stabilize the volatile market.
The market appears to be still tied to the warning issued by Prince Abdulaziz bin Salman last week, which overcame concerns over the prospect of a recession from the Federal Reserve (Fed).
Fed Chairman Jerome Powell that the central bank will continue to tighten policy and keep interest rates high for a longer period.
Although admitting that the economy will feel the impact, but efforts to restore price stability are the most important for the central bank.
Separately, violent clashes between forces in the Libyan capital sparked fears of further disruptions to oil flows, while disruptions at the main export terminal for crude oil in Kazakhstan continued.
