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Oil market held steady as investors weight supply and economic outlook concernsOil market held steady as investors weight supply and economic outlook concerns |
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International benchmarks for crude oil were largely unchanged on the first trading day of the week, 23 May 2022 despite a brighter demand outlook as Shanghai remains on track to reopen this 1 June while the US prepares for the summer demand season. The growing fear of an economic recession clouded the global equity market in recent days with experts estimating a 30% chance of the US falling into a recession in the next 12 months.
Brent rose 87 cent or 0.7% to settle at $113.42/barrel.
WTI gained 1 cent or 0.1% to close at $110.29/barrel.
