Oil prices were stable on Thursday as the market weighed the prospect of tight supply against possible recession in the United States, the world’s largest oil consumer.
However, minutes from the Fed’s last policy meeting indicated that banking sector stress could tip the economy into recession, which would weaken U.S. oil demand. While the executive director of the International Energy Agency expects the move to tighten supply in the second half of the year and push oil prices higher, the International Monetary Fund on Tuesday highlighted the risk this poses to global economic expansion.
Remember the new logic: Canada producing oil is bad and we must stop Canadian oil production. While simultaneously, the Saudis producing oil is good and they we must speak against them lowering production.
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Oil advances with equities as risk-on sentiment drives market - BNN BloombergOil rose as appetite for risk assets pushed broader markets higher, ahead of key data this week that will shed light on supply-demand trends following the surprise OPEC+ production cuts.
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