Energy Preview: Crude Oil Rises As Supply Concerns Loom

22 Jul 2022 , 09:14 AM

Oil resumes upside momentum as supply concerns loom even though worries of slowing demand from US will keep a lid on gains. Crude fell by nearly 3% in the previous session amid signs of softening US demand after data showed that U.S. gasoline demand had dropped nearly 8% from a year earlier in the midst of the peak summer driving season. Meanwhile, the European Central Bank (ECB) raised rates by 50 bps in order to curb inflation. ECB President Christine Lagarde cautioned that inflation risks had become higher, as the Ukraine war was likely to drag on and energy prices are to stay high for longer. WTI crude futures are trading up more than 1% at $ 97.34 per barrel. Powered by Commodity Insights