Oil falls on uncertainty over fuel demand recovery
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Oil prices fell on Friday as investors worried that weakening global economic growth and tighter central bank monetary policy could curb a recovery in fuel demand.
Asian economies faced a choice between supporting growth with more stimulus and withdrawing it to stabilize debt and inflation.
While Bank of Japan policy runs counter to a global shift towards monetary tightening, central banks in the United States, Britain and Australia raised interest rates recently.
Crude gains have been limited this week, with Brent and WTI mostly trading in a range due to the uncertain path of demand. Investors, worried about rising inflation and more aggressive action from central banks, have been reducing exposure to riskier assets.
“If U.S. growth data continues to sour, oil prices could get caught up in the negative stock market feedback loop,” SPI Asset Management Managing Director Stephen Innes said.
In the United States, Americans were getting back behind the wheel, despite higher fuel prices, according to a report from the Federal Highway Administration on vehicle miles.
Iran, meanwhile, is having a tougher time selling its crude now that more Russian barrels are available.
Iran’s crude exports to China have fallen sharply since the start of the Ukraine war as Beijing favoured heavily discounted Russian barrels, leaving almost 40 million barrels of Iranian oil stored on tankers at sea in Asia and seeking buyers.
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