Oil made gains on the back of fuel-demand concerns, however aggressive action by the US Federal Reserve may dampen energy-market needs
Singapore — Oil prices made gains on Wednesday, rebounding from losses earlier in the session amid concerns over fuel demand and the broader economy ahead of an expected big hike in interest rates by the US Federal Reserve.
US West Texas Intermediate crude for July rose 15c, or 0.1%, to $119.08 a barrel, after hitting a low of $118.22 earlier in the day, having dropped 1.7% a day earlier. “An aggressively hawkish signal from the Fed may increase concerns of a global recession, which may dampen the demands of the energy market,” said Leona Liu, analyst at Singapore-based DailyFX.
On the demand side, China’s latest Covid-19 outbreak, traced to a 24-hour bar in Beijing, has raised fears of a new phase of lockdowns.
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