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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.

Brent crude futures were up $1.68, or 1.6%, at $109.13 a barrel at 0602 GMT, while U.S. West Texas Intermediate (WTI) crude futures climbed $1.40, or 1.3%, to $107.53 a barrel.

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”.

“An escalation by Russia on the sanctions front is likely to flow into oil price strength,” he added.

An International Energy Agency report on Thursday highlighted the dueling 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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