WTI crude oil prices rose above $82 per barrel on Friday but were still set to end the week sharply lower as a weakening demand outlook overshadowed supply-side concerns.
The US crude oil prices benchmark is down about 8% so far this week, facing pressure from concerns that aggressive monetary tightening by major central banks could tip the global economy into recession, hurting energy demand.
Notably, St. Louis Federal Reserve President James Bullard suggested that the federal funds rate could reach the 5% to 7% range as authorities fight inflation, higher than what the market is currently pricing.
Resurgent Covid outbreaks in China also dashed reopening hopes and clouded the demand outlook in the world’s top crude importer.
Still, traders remained cautious about a highly uncertain supply outlook heading into winter, with the European Union set to ban Russian crude flows from December, while OPEC is expected to keep oil markets tight.
also Brent crude futures rose above $90 per barrel on Friday but were still set to end the week sharply lower as a weakening demand outlook overshadowed supply-side concerns.
The international oil benchmark is down about 6% so far this week, facing pressure from concerns that aggressive monetary tightening by major central banks could tip the global economy into recession, hurting energy demand.
Notably, St. Louis Federal Reserve President James Bullard suggested that the federal funds rate could reach the 5% to 7% range as authorities fight inflation, higher than what the market is currently pricing.
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