Brent Crude oil increased to a 9-week high of 96.77 USD/Bbl on Friday after losing 1.6% in the previous session, weighed down by renewed fears that continued monetary tightening by major central banks may trigger a global recession cause crude oil price high .
With the Federal Reserve, European Central Bank and Bank of England all delivering a supersized 75 basis point rate hike in their latest policy meetings, analysts warned about the economic risks of rapid rate rises that could take a toll on energy demand.
A fresh rally in the dollar also pressured oil prices, as well as lingering uncertainties surrounding China’s Covid Zero policy. These demand factors have recently overshadowed a tightening supply outlook ahead of winter, with OPEC+ implementing large output cuts from this month, while the European Union ban on Russian oil is set to take effect in December
While US natural gas futures fell below $6.1/MMBtu on Thursday, after the EIA report showed a bigger-than-expected storage build. US utilities added 107 bcf of gas to storage during the week ended October 28th, more than market expectations of a 97 bcf build. It compares with an increase of 66 bcf in the same week last year and a five-year (2017-2021) average increase of 45 bcf. Adding to the bearish tone