Oil rises weekly as demand outweighs recession concernsBloombergWest Texas Intermediate (WTI) set its fourth straight weekly gain as product markets remain tight amid healthy demand, eclipsing concerns about an economic slowdown that have roiled financial markets. Despite the choppy trading, it posted its best run of weekly increases since the middle of February. Rising demand for motor fuels and shrinking inventories ahead of the summer driving season underscored a fundamentally tight supply situation even as broader economic fears shook equity markets. While the US and UK have announced bans on Russian exports, flows to Asia have picked up. China is seeking to replenish strategic stockpiles with cheap Russian oil even as officials grapple to suppress COVID-19 outbreaks.

Source: Taipei Times May 21, 2022 23:18 UTC