Brent Crude: futures reversed course to gain more than 1% to $106 a barrel on Friday but are on track to fall nearly 6% on the week. The oil market has been volatile this week as investors continue to weigh prospects of slowing fuel demand while supply remains tight.
Coronavirus cases in China increased this week, raising concerns of further lockdowns and most central banks around the world started to raise interest rates or will do so shortly to curb inflationary pressures, which will weigh on spending and fuel demand.
Meanwhile, the Energy Information Administration reported that US crude inventories expanded by the most in eight weeks, defying expectations for a 1.043 million barrel drop.
