Oil: Gains amid supply concerns – WTI ‘jump’ 2.5% weekly

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Oil prices closed with small gains on Friday, after deleting the intra-conference losses, however, the upward momentum was limited by the heavy losses of Wall on Friday.

Oil prices have found support in the climate of concern caused by the narrow range of supply in the oil market. Thus, the crude type West Texas Intermediate July delivery rose 39 cents, or 0.4 percent, to settle at $ 110.28 a barrel on the New York Mercantile Exchange.

Oil type Brent July delivery gained 51 cents, or 0.4%, to settle at $ 112.55 a barrel.

In week WTI climbed 2.5% and Brent 0.9%.

“Crude remains trapped between aggressive monetary policy that is slowing economic growth and tightening in the global fuel market,” said Saxo Bank analyst Ole Hansen in a note.

He added that this is a situation that could worsen as soon as China manages to lift the lockdowns, which are hurting its economy and have reduced demand for goods overall.

At the same time, the S&P 500 entered the bear market on Friday, reaching levels of -20% compared to the record high recorded in January 2022. “It is difficult for the crude to maintain its profits when the S&P 500 sinks,” he said. in a note by Robert Yawger, of Mizuho Securities.

Crude gains were limited this week due to uncertainty in demand. Investors, worried about rising inflation and more aggressive action by central banks, have reduced their exposure to higher-risk assets.

Meanwhile, the International Monetary Fund has called on Asian economies to be wary of transmission risks from the monetary tightening.

Asian economies have been faced with a choice between supporting more growth and pulling it off to stabilize debt and inflation, according to IMF Deputy Managing Director Kenji Okamura.

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Source: Capital

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