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SINGAPORE, May 8 Reuters Oil prices rose on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, started receding.

Brent crude futures were up 43 cents, or 0.6, at 75.73 a barrel at 0624 GMT. U.S. West Texas Intermediate WTI crude futures were up 45 cents, also 0.6, at 71.79 a barrel.

Oil39;s rebound follows energy stocks39; comeback on Wall Street last Friday after the U.S. reported strong job data, which eased concerns about an imminent economic recession that led to the selloff early in the week, said Tina Teng, an analyst at CMC Markets.

Fears that the U.S. banking crisis will slow the economy and sap fuel demand in the world39;s biggest oil consuming nation drove the Brent benchmark down 5.3 last week, while WTI plunged 7.1.

However a healthy U.S. jobs report for April, a weaker dollar, and expectations of supply cuts at the next meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC, in June, helped the benchmarks rebound about 4 each on Friday.

Crude prices are trying to stabilize as energy traders wait to see if OPEC might have to signal they are willing to reduce output even further, said Edward Moya, an analyst at OANDA.

Goldman Sachs analysts said in a note on Saturday…