Brent Crude: Oil climbed 1% toward $108 per barrel on Thursday, but remained down for the week as volatility in oil markets is expected to continue due to several market moving events. Investors remained wary as the EU weighs a ban on Russian oil for its invasion of Ukraine and evaluates ways to offset potential supply shortfalls from Russia due to sanctions.
The oil market also remains tight with OPEC members struggling to meet their production targets and with US crude inventories down sharply last week.
Libya, an OPEC member, said Wednesday it was losing more than 550,000 barrels per day of oil output due to blockades at major fields and export terminals.
Meanwhile, the demand outlook in China continues to weigh on the market, as the world’s biggest importer slowly eases strict virus curbs that have hit manufacturing activity and global supply chains.
The IMF highlighted risks in China when it cut its forecast for global economic growth on Tuesday