Oil Prices Climb Despite Demand Destruction Claims

Despite reports from the IEA and OPEC that emphasized a decline in oil demand, oil prices jumped on Friday due to fears of Europe implementing a Russian oil ban.

Falling demand has been the news of the week for oil markets, with several reports (most notably from the IEA and OPEC) slashing 2022 demand forecasts as soaring inflation and supply chain disruptions take their toll. Meanwhile, neither the EU oil ban on Russia nor China’s Covid lockdowns provided any new developments – both of which will continue to hang over oil markets in the coming days.

Oil Prices Climb Despite Demand Destruction Claims
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Oil Price 9am

WTI Crude • 110.5 +4.36
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