Oil set for worst run this year as recession fears rattle market | Bloomberg News

📆 06/05/2023 17.50.00
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Oil headed for a third straight weekly decline, the longest losing run this year, as slowdown concerns and turmoil in the US banking sector prompted investors to flee from risk.

West Texas Intermediate edged higher toward $69 a barrel on Friday, but the US crude benchmark has still retreated by about 10 percent this week after a four-day skid. Trading was marked by a brief-but-dramatic plunge early on Thursday, when prices collapsed to touch the lowest intraday level since 2021.

“While sentiment is negative at the moment, the market is in oversold territory and our balance sheet still shows that the market will be in deficit over the second half of the year, which should drive prices higher,” said Warren Patterson, head of commodities strategy for ING Groep NV.

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