Oil rose this week as US government promises to protect bank depositors and a lack of surprises from the Federal Reserve calmed investors.
Crude settled above $69 a barrel on Friday, recovering about a quarter of the nearly $10 it lost the previous week. The commodity remains volatile, and as long as banking concerns remain at the forefront of markets, crude fundamentals may have a limited effect on its price movements, analysts said.
“Crude found support this week after several weeks of unabated pressure,” said Rebecca Babin, senior energy trader at CIBC Private Wealth. “Fear around a recession and skittish trading keep many investors in wait-and-see mode.”
Investors also found bullish signals this week, with US exports of crude and refined products surging to a record 12 million barrels a day, suggesting a rosier demand outlook. Meanwhile, Russia extended its 500,000-barrel-a-day crude output cut through June.
Still, crude paired its weekly gains on Friday as fresh signs of stress in the banking sector caused investors to move away from riskier assets ahead of the weekend.
Prices:
- WTI for May delivery fell 70 cents to settle at $69.26 a barrel in New York.
- Brent for May settlement fell 92 cents to settle at $74.99 a barrel.
Crude remains on course for its steepest first-quarter drop since 2020, when the pandemic wiped out demand. A potential US recession, robust Russian oil flows in the face of Western sanctions and strikes at refineries in France have all proved bearish forces.
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