Oil appears set to muster a fourth straight weekly gain as product markets remained tight amid strong demand, eclipsing concerns about an economic slowdown that have roiled financial markets.West Texas Intermediate futures traded near $113 a barrel and are heading for the best run of weekly increases since mid-February. Rising demand for motor fuels and shrinking inventories ahead of the summer driving season underscored a fundamentally tight oil market even as broader economic fears shook equity markets. US. retail gasoline and diesel prices surged to record levels.“There continues to be a disconnect between the risk financial markets associate with crude financial assets and the physical market that is trying to digest SPR releases to meet product demand,” said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “This dichotomy keeps markets fragmented and volatile – it could end up being a cruel summer for energy traders.”
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