Business Maverick: Oil Holds Gains as Investors Focus on Global Economic Outlook

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Oil clung to a slight gain in volatile trading after a slew of rate hikes around the world reaffirmed central bankers would continue to fight inflation at the expense of economic growth.

“The post-Fed fallout and deteriorating global outlook is going to keep the oil market volatile, said Ed Moya, senior market analyst at Oanda. “The $82 level has been strong support for WTI crude this month, but that may get tested if global recession fears intensify.”

Thin liquidity has exacerbated price swings for oil, leading to wild volatility at times. Crude remains on track for its first quarterly decline in more than two years on concerns that demand may be crimped by an economic slowdown, but for most of September prices have been largely rangebound. Data this week showed that signs of economic slowdown are mounting, as US gasoline and diesel demand fell to the lowest seasonal levels in more than a decade. The Energy Information Administration also reported nationwide US crude stockpiles and those at the key storage hub at Cushing, Oklahoma, expanded last week.Brent for November settlement gained 59 cents to $90.42 a barrel.

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Business Maverick: Oil Holds Gains as Investors Focus on Global Economic OutlookOil clung to a slight gain in volatile trading after a slew of rate hikes around the world reaffirmed central bankers would continue to fight inflation at the expense of economic growth. Greatest trader of all time JamesAlderson0 I never believe it until I experience it For a start i deposited R50,000 to test the waters in 7 days I got a return of R500,000, he's diligence and honesty is undeniable. Thank you once again JamesAlderson0
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