WTI posts weekly loss as recession jitters dent pricesBloombergOil posted its first back-to-back weekly loss since early April as fears of a demand-sapping global recession and tighter US monetary policy ripped through commodity markets to spur a broad sell-off. West Texas Intermediate (WTI) for July delivery fell 1.7 percent for the week to settle at US$107.62 a barrel. Brent crude for August delivery rose 2.5 percent weekly to settle at US$112.12 a barrel. US Federal Reserve Chair Jerome Powell’s hawkish testimony to the US Congress earlier in the week overshadowed a fundamentally tight market. Despite declining headline prices, the market remains in backwardation, a bullish pattern in which near-term prices trade above longer-dated ones, has grown in recent days.

Source: Taipei Times June 25, 2022 19:22 UTC