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UK Oil Steadies on Solid Demand

Brent crude bounces higher as demand remains strong despite economic worries. There is definitely some optimism in the air. Recession concerns have abated with traders hoping for a less aggressive stance from the Fed amid weaker US data. Record US crude exports indicate that global demand has kept up. Meanwhile, Western allies’ price cap on Russian oil may have limited impact as it would be designed to keep the supply flowing. However, feeble growth in China, the world’s biggest energy consumer, could be a major headwind in the medium-term. The price is consolidating between 84.00 and 105.00.

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