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Southern Alberta Oil Well Oil prices rose on Friday as investors considered Russia’s threat to halt oil and gas exports to some buyers, but crude was set for a second straight weekly decline as central banks’ aggressive rate hikes and China’s COVID-19 curbs weighed on demand. U.S. West Texas Intermediate (WTI) crude futures climbed $2.90, or 3.50%, to $85.64. Brent crude futures rose $3.08, or 3.48%, to $91.40 a barrel. “I think the selloff in oil prices may come to a pause for now due to a recovery in risk sentiment across the board,” said CMC Markets analyst Tina Teng, adding that a weaker dollar and falls in bond yields have offered support for a rebound in risk assets. “Fundamentally, a sharp decline in the US SPR suggests that undersupply is still a predominant issue in the physical oil markets, though recession fears may continue to weigh,” Teng added. Both oil benchmarks were headed for a weekly drop of 4%, with the market sliding at one point this week to its lowest level since January. The decline is capped by underlying supply tightness amid Russia’s threat to cut oil flows to any country that backs a price cap on […]
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