Oil market held steady as investors weight supply and economic outlook concerns

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.