Crude oil is likely to remain under pressure ahead of next week’s holiday-shortened week because of ongoing concerns about demand, the dollar’s renewed strength and worries about a global recession
Crude prices plummeted on Thursday, with WTI falling more than 4% as traders started to dump front-month oil futures as a result of easing geopolitical tensions and a more negative demand outlook from China
Crude oil prices were on the rise early on Friday morning on continuing fears that the oil markets remain tight with the G7 agreeing on a fixed price capping mechanism on Russian crude
Despite the energy crisis in Europe and Asia, and the alleged gas to oil switching as a result, rising crude oil stocks in the United States have just tanked WTI prices to a 4-week low