The speculation surrounding China’s zero-covid policy has sparked volatility in oil markets, and while crude was moving higher last week, this week may see a turnaround.
Oil prices fell Tuesday on fears that an inflation-induced weakening of global economies would soften fuel demand, and as Iraqi crude exports have been unaffected by clashes
Global benchmark Brent crude futures fell 21 cents, or 0.2 per cent, to US $100.00. The US West Texas Intermediate crude futures contract was down 10 cents, or 0.1
Both Brent and WTI climbed for a third straight day on Friday, but fell about 1.5 per cent for the week on a stronger dollar and demand fears
Oil futures have undergone immense battering recently as fears of a recession come into full force.
Brent crude futures for September had fallen US$1.81 to US$105.29 a barrel by 0633 GMT, while U.S. West Texas Intermediate crude for August delivery was at US$102.14 a barrel
Oil prices were steady on Thursday after steep losses in the previous two sessions, as investors returned their focus to tight supply even as fears of a global recession persisted.
Brent crude futures for August were up 46 cents at US$121.63 a barrel as of 0642 GMT after falling to as low as US$120.65 earlier in the session
U.S. West Texas Intermediate (WTI) crude fell 22 cents, or 0.2% to US$120.71 a barrel at 0353 GMT, while Brent crude futures eased 25 cents, or 0.2%, to US$122.02 a barrel
Citibank revised its demand growth outlook down by 1.4 million bpd to 2.2 million bpd y-o-y.