Energy Preview: Oil Set For A Near 10% Weekly Drop

5 Aug 2022 , 08:48 AM

Oil prices are seen recovering in early Asia on Friday, although the commodity is set for a near 10% decline for the week. WTI Crude prices are paring some losses and are currently up 0.33% at $88.81 per barrel. Growing recession concerns amid deteriorating economic conditions across the globe coupled with higher interest rate scenario is adding to fuel demand concerns. Notable build in crude oil and gasoline inventories last week and geo political worries on US-China front are also keeping the commodity under pressure. However, OPEC+ is set to raise its oil output goal by 100,000 barrels per day, a latest update from the producing group stated. The increase is equivalent to 0.1% of global demand. Powered by Commodity Insights