Energy Preview: Oil Climbs As Supply Concerns Intensify

5 Jul 2022 , 08:46 AM

Crude oil prices extended its climb as supply concerns outweighed recession led demand woes. Supply worries had taken centre stage since Russias invasion of Ukraine and the subsequent sanctions against the former. Adding to the woes, reports that Norwegian offshore workers on Tuesday began a strike is expected to further reduce oil and gas output. WTI crude oil futures were up more than 1.6% at $110.21 per barrel. However, demand side concerns amid soaring inflation and large interest rates hike that could stall growth in global economy will likely cap sharp rise in the commodity. Powered by Commodity Insights