Weekly Crude Oil Review: WTI Futures Under Sustained Stress

16 Jul 2022 , 01:02 PM

Crude oil saw a mild recovery following a slump led by energy demand concerns. WTI oil futures for August tanked near $94 per barrel as rising crude and gasoline stockpiles and global inflation risks further added to demand woes. Fresh Covid-related curbs in several parts of China and the dollars sharp uptick also weighed on oil prices. The growing outbreak in the region has fuelled fears the commercial hub is headed back into a mass lockdown, just weeks after its residents emerged from two months of home confinement. The IEA has cut its 2022-23 global oil demand growth projections. The energy watchdog expects global oil demand to increase by 1.73 million b/d this year, it stated today in its latest Oil Market Report (OMR). This is a downward revision of 80,000 b/d compared with last months OMR. Oil demand growth for 2023 is now seen at 2.14mn b/d, a 30,000 b/d drop from the previous report. Powered by Commodity Insights