Oil headed for a second weekly decline as dimming optimism over a recovery in Chinese demand and rising U.S. stockpiles offered the latest indications that the market remains soft.
West Texas Intermediate edged higher Friday but was still down 4.4 per cent this week. China's reopening trade for commodities has flagged amid questions over the timing and extent of the country's recovery. In the U.S., key market gauges have softened and are pointing to oversupply.
Crude has swung within a US$10 range this year, with prices caught between concerns of a global slowdown and expectations of recovering oil demand in China after Beijing ditched its rigid Covid Zero policy. Central banks in the U.S. and Europe raised interest rates this week, and warned that they weren't yet done with monetary tightening to combat still-too-elevated inflation, while the markets for real-world barrels continue to look weak.
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