Oil posts first back-to-back monthly decline since 2020BloombergOil fell for a second consecutive month as a deteriorating demand outlook offset concerns about tight physical supplies. West Texas Intermediate (WTI) for September delivery on Friday rose 2.28 percent to US$98.62, bringing this week’s gain to 4.14 percent. Photo: EPA-EFEFutures nevertheless recorded their first back-to-back monthly decline since 2020 as fears of an economic slowdown fueled bearish sentiment across markets. The US economy shrank for a second quarter as rampant inflation undercut consumer spending, while Citigroup Inc said there are signs the oil market is moderating. The surge in energy prices has underpinned oil producer earnings, with Exxon and Chevron Corp joining Shell PLC with record profits.
Source: Taipei Times July 31, 2022 02:44 UTC