Oil Swings as Rising Rate Angst Vies With Tight Physical Market

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(Bloomberg) -- Oil swung in a volatile session as traders weighed tightness in the physical market against macroeconomic concerns that are clouding crude’s demand outlook. Most Read from BloombergWhy a US Recession Is Still Likely — and Coming SoonKey Taiwan Tech Firms Helping Huawei With China Chip PlantsAirbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.JPMorgan’s Dimon Predicts 3.5-Day Work Week for Next Generation Thanks to AI Severe Crash Is Coming for US Office Properties, Su

-- Oil swung in a volatile session as traders weighed tightness in the physical market against macroeconomic concerns that are clouding crude’s demand outlook.Airbnb Is Fundamentally Broken, Its CEO Says. He Plans to Fix It.West Texas Intermediate traded below $89 a barrel in a volatile session, tracking equity markets. Traders are digesting messaging that the Federal Reserve will need to leave borrowing costs higher for longer, strengthening the dollar in the last few sessions.

Adding to bearish headwinds, Russia is mulling lifting its overseas diesel export ban, but a final decision has yet to be made. Russia, the world’s single biggest seaborne exporter of diesel-type fuel, shocked global markets after setting a temporary ban on shipments abroad last month. OPEC+ ministers will meet to review global markets on Wednesday. Delegates from the group don’t expect the panel to recommend any policy changes.Hacking the Help Desk: How Attackers Talk Their Way Into Company Networks -- Shares of Anil Agarwal’s Vedanta Ltd. rose Tuesday, the first trading day after the Indian tycoon announced an overhaul of his sprawling metals-to-oil empire, despite lingering concerns over the group’s multibillion dollar debt burden.

 

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