Brent and WTI climb but face declines for the week as lower demand limits gains
Singapore — Oil prices extended gains on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s Covid lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia.
Both benchmark contracts were, however, on track to post declines for the week, with Brent set to drop nearly 3% and WTI nearly 2%. SPI Asset Management managing partner Stephen Innes said that oil traders were looking “for a glimmer of light at the end of China’s gloomy lockdown tunnel”. Inflation and aggressive rate rises have driven the US dollar to 20-year highs, which has capped oil price gains as a stronger dollar makes oil more expensive when purchased in other currencies.
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