Oil prices settled slightly lower on Tuesday after a see-saw session as worries that a slowing economy could cut demand vied with news that some oil exports had been suspended on the Russia-to-Europe Druzhba pipeline that transits Ukraine. Crude prices have been under pressure for weeks as fears mounted that a recession could cut oil demand.
- Pandemic-related disruption to global supply chains and the knock-on effects of Russia's war in Ukraine are combining to push prices of energy, commodities and basic items higher.
U.S. natural gas futures eased about 1% on Friday as output neared record highs and
forecasts for hot weather were revised slightly lower, which would mean lower demand for air conditioning.
U.S. natural gas futures eased about 1% on Friday, with output holding near record highs
and forecasts for less hot weather and lower demand over the next two weeks than previously expected.
Asian spot liquefied natural gas prices continued their rise towards record levels this week on an expected pick-up in demand from China as it eases COVID rules and ongoing concerns over curtailed Russian supply to Europe.
Oil prices settled higher on Friday, recouping some of this week's losses on strong U.S. job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand. Brent crude settled up 80 cents to $94.92 a barrel, 11% off last Friday's settlement.
-Oil prices settled higher on Friday, recouping some of this week's losses on strong U.S. job growth data, but closed the week at their lowest levels since February, rattled by worries a recession could hit fuel demand. Brent crude settled up 80 cents to $94.92 a barrel, 11% off last Friday's settlement.
Oil prices extended losses on Friday, after hitting their lowest since before Russia's February invasion of Ukraine in the previous session, as the market fretted over the impact of inflation on global economic growth and demand. Brent crude dropped 10 cents, or 0.1%, to $94.02 a barrel by 0047 GMT, while U.S. West Texas Intermediate crude was at $88.48 a barrel, down 6 cents.
* BoE raises rates, warns of recession risks. * Saudi, UAE save oil firepower in case of winter supply crisis. * OPEC+ agrees to raise oil output target by 100,000 bpd. * Tight global supply offers price support - analysts. By Noah Browning.
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