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Southern Alberta Oil Well Oil prices rebounded in early trade on Thursday, after experiencing losses from the previous day, as investors worried that aggressive U.S. interest rate hikes could trigger a recession and dent fuel demand. U.S. West Texas Intermediate (WTI) crude futures rose $2.26, or 2.17%, to $106.57 a barrel. Brent crude futures climbed $2.29, or 2.08%, to $112.28 a barrel. Both benchmarks tumbled around 3% on Wednesday to hit their lowest levels since mid-May. Investors are continuing to assess how worried they need to be about central banks potentially pushing the world economy into recession as they attempt to curb inflation with interest rate increases. “Oil markets remained under pressure as investors were concerned that U.S. rate hikes would stall an economic recovery and dampen fuel demand,” said Kazuhiko Saito, chief analyst at Fujitomi Securities Co Ltd. “The U.S. and European hedge funds have been selling off their positions ahead of the end of the second quarter, which is also cooling investor sentiment,” he said, predicting the WTI could fall below $100 a barrel before the July 4 holiday in the United States. The Federal Reserve is not trying to engineer a recession to stop inflation but […]
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