Oil rose, all but erasing a weekly loss, as investors weighed the demand outlook and tracked disruption to a key North American pipeline.
West Texas Intermediate advanced above $97 a barrel in the final session of a volatile week in which prices have swung in a range of about $10. While US data this week showed rising gasoline stockpiles and stalling consumption, market signals, including timespreads point to still-robust physical demand.
While crude remains more than a quarter higher this year, the bulk of the gains triggered by Russia’s invasion of Ukraine have been reversed. Central banks including the Federal Reserve have been raising interest rates to quell soaring inflation, triggering concerns of a slowdown that’ll sap demand for commodities including energy. That’s hurt investor interest in crude oil, even though the market’s pricing structure continues to point to signs of scarcity.
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