Energy Preview: WTI Crude Oil Resumes Uptrend

13 May 2022 , 08:42 AM

WTI crude futures resumed uptrend on Friday, after hitting lows of around $106.29 levels in the previous session and $98.22 during the week amid renewed growth concerns on rising China Covid cases and ensuing lockdown to hit demand from the top crude importer and escalating Russia-Ukraine war. Crude oil futures rebounded to above $107 per barrel. Meanwhile, slower global economic growth, Chinas fight against COVID, and the Russian invasion of Ukraine prompted OPEC to slash for a second month running its global oil demand growth estimate for 2022. In its Monthly Oil Market Report (MOMR) out on Thursday, OPEC revised down?again?its forecast for global economic growth and said oil demand would grow by 310,000 barrels per day (bpd) less than the growth anticipated in the April report. In this months report, the cartel cut its world economic growth estimate to 3.5% from 3.9%, having revised down in April its global growth forecast to 3.9% from 4.2%. Powered by Commodity Insights