Face Supply And Demand Of Oil Market Is In Risks This Week As A Rebound In Demand Around The World Threatens To Slow.

According to market research, Oil prices were unsteady on Monday, with Brent trading higher on supply concerns while WTI dipped, as traders continued to weigh up the potential impact of a recession or China’s COVID-19 curbs hitting demand against the possibility of a report panning the global economy.

Brent crude futures were up 11 cents, or 0.1%, at $107.13 a barrel at 0102 GMT, adding to a 2.3% gain on Friday. The global benchmark has gained 2.25% over the past two trading days and 12% since hitting a three-year low of $96.70 on June 8th.

U.S. West Texas Intermediate crude futures are down 2% after temporarily topping $105 a barrel Friday.

It appears that the sell-off in crude oil market futures may be over for now, as prices for WTI posted their biggest one-day gain in seven months on Wednesday. Net long positions in WTI crude futures at now at their lowest level since March 2020, when demand collapsed amid the initial outbreak of COVID-19. This is despite ongoing signs of tightness,” ANZ Research analysts said in a note.

Both benchmark contracts traded lower in early trade on Monday then quickly turned positive before trading in a variety of directions.

The COVID-19 pandemic is still causing concern across China, but there have been some respite in the number of new cases.

The West has ramped up sanctions on Russia, with President warning further sanctions could lead to “catastrophic” consequences in the global energy market.



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