{"id":11082,"date":"2022-05-23T05:08:57","date_gmt":"2022-05-23T05:08:57","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=11082"},"modified":"2022-05-23T12:03:25","modified_gmt":"2022-05-23T12:03:25","slug":"oil-rises-as-traders-consider-a-tight-fuel-market-and-poor-global-growth","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/US\/oil-rises-as-traders-consider-a-tight-fuel-market-and-poor-global-growth\/","title":{"rendered":"Oil rises as traders consider a tight fuel market and poor global growth"},"content":{"rendered":"

Oil rises as traders consider a tight fuel market and poor global growth<\/strong><\/h1>\n

Investors evaluated tight product markets against concerns about slowing global growth as oil prices increased at the start of the week. Following four weeks of advances, West Texas Intermediate rose beyond $111 a barrel, the longest such run since February. Prices of gasoline<\/strong><\/a> and diesel have risen to new highs ahead of the start of the US driving season, which starts in a week. Bullish oil bets have also been boosted by money managers.<\/p>\n

Oil prices have risen this year as a result of increased demand and the worldwide consequences from Russia’s invasion. Energy price increases have led to high inflation, leading central banks to hike interest rates and raising market concerns that GDP could slow. At the same time, to combat Covid-19 outbreaks, China has implemented a series of crippling lockdowns, harming Asia’s greatest economy.<\/p>\n

Oil markets are still in backwardation, which is a positive pattern in which short-term prices trade above longer-term ones. Brent’s prompt spread was $2.58 a barrel in backwardation, up from $2.13 a barrel a week ago. A weakening dollar may have given crude an extra boost, making the commodity cheaper for holders of foreign currencies. The dollar fell on Monday after falling 1.4 percent last week, the most since November 2020.<\/p>\n

According to Bloomberg Intelligence, oil may have a ceiling of around $110 per barrel due to China’s falling demand and economic growth being hampered by Beijing’s efforts to eradicate Covid-19. Bloomberg Economics has lowered its China growth projection for the year to 2% from 5.7 percent.<\/p>\n

The image in Asia’s largest economy is still bleak. Officials in Shanghai have laid out the criteria for classifying portions of the commercial centre as low-risk for Covid-19 as they prepare to terminate two-month quarantine, with no new cases detected outside of confinement. However, Beijing recorded a record number of cases, reviving fears that the capital may be shut down.<\/p>\n","protected":false},"excerpt":{"rendered":"

Oil rises as traders consider a tight fuel market and poor global growth Investors evaluated tight product markets against concerns about slowing global growth as oil prices increased at the start of the week. Following four weeks of advances, West Texas Intermediate rose beyond $111 a barrel, the longest such run since February. 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