Oil treads water as cut in supply target counters other factors

The Brent and WTI contracts vacillated between positive and negative territory on Friday but were down about 4% over the week

London — Oil prices were stable on Friday as support from a large cut to the Opec+ supply target and a weaker dollar were countered by global recession fears and weak oil demand in China.

The Brent and WTI contracts both oscillated between positive and negative territory on Friday but were down about 4% over the week after two weeks of gains on concern over the global economy. China, the world’s largest crude oil importer, has been fighting Covid-19 flare-ups after a week-long holiday ahead of a Communist Party Congress, where President Xi Jinping is expected to extend his leadership.

The International Energy Agency on Thursday cut its oil demand forecast for 2022 and 2023, warning of a potential global recession.

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BDliveSA /  🏆 12. in ZA

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