Oil rises but fears of weaker demand limit gains

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Oil prices rose around 1.5% on Friday but were headed for their first weekly loss in three weeks as worries about inflation and China’s COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia.

The market is continuing to be pushed and pulled by the prospect of a European Union ban on Russian oil tightening supply and concerns about faltering global demand.

SPI Asset Management managing partner Stephen Innes said in a note that oil traders were looking “for a glimmer of light at the end of China’s gloomy lockdown tunnel”.

“Still, we continuously end up at square one with lower case counts weighted against the authorities doubling down on their zero COVID policy,” he added.

An International Energy Agency report on Thursday highlighted the duelling factors in the market, saying rising oil production in the Middle East and the United States and a slowdown in demand growth are “expected to fend off an acute supply deficit amid a worsening Russian supply disruption”.

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