Oil drops as concerns over slowdown offset tight crude market

Oil declined at the start of the week as concerns about an economic slowdown overshadowed signs of a tight physical crude market. West Texas Intermediate fell below $94 a barrel after capping a third weekly decline on Friday, the longest streak of losses this year. The Federal Reserve is expected to approve another big interest-rate hike this week as the central bank combats surging inflation, piling pressure on demand.

The US is championing a price cap on Russian crude to limit revenues flowing to the Kremlin to fund its war, and the Treasury Department’s No. 2 official will be in Europe this week to rally support for the measure. While oil has been whipsawed by escalating fears that the US is heading for a recession, veteran commodities trader Pierre Andurand says oil demand may exceed expectations even if the global economy falters.

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