WTI Oil Futures Climbed More Than 4% to $102.7 a Barrel

Tiger Newspress2022-07-07

Oil edged higher in choppy trading as investors weighed concerns that a potential global slowdown would hollow out energy demand against signs of still-tight physical markets.

US benchmark West Texas Intermediate crude rose 3.53% to $101.56 a barrel, but is still more than 6% lower this week. Over the past month, escalating fears that a looming recession will erode consumption have driven prices down.

Crude oil futures surged wtih WTI oil futures up 4.23%, Brent crude futures dup 3.73%.

Gauges of real-world crude supply show little to suggest that the oil market is cooling. Nearby WTI contracts have surged relative to later ones, a move that indicates a strong market as traders pay up to secure barrels for immediate delivery. Oil traders inEuropeare fretting about supplies after Russia ordered a halt to a key Kazakh export terminal.

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Comments

  • tgll
    2022-07-08
    tgll
    [Like] 
  • robot1234
    2022-07-08
    robot1234
    Oil jumps as tight supply outweighs recession fears. Oil prices surged on Thursday, rebounding from steep losses the previous two sessions, as investors returned their focus to tight supply despite nagging fears of a potential global recession. Brent crude futures settled 3.9% higher at $104.65 per barrel. U.S. WTI crude futures settled 4.26% higher at $102.73. On the supply side, traders are bracing for oil supply disruptions at the Caspian Pipeline Consortium (CPC), which has been told by a Russian court to suspend activity for 30 days. “Recession fears continue to grow and that obviously does raise some concerns for the demand outlook,” said Warren Patterson, ING’s head of commodity research. “However, supportive fundamentals should mean that further downside is relatively limited.”
  • XiaTian
    2022-07-08
    XiaTian
    Good
  • CY123
    2022-07-07
    CY123
    Ok
  • KYBoo
    2022-07-07
    KYBoo
    Goof
  • Fruits888
    2022-07-07
    Fruits888
    Good
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