Oil prices have stabilised; optimism about China's demand outweighs concerns about the recession

 

Reuters, NEW YORK, October 21 - Oil prices rose on Friday as expectations of higher Chinese demand and a falling dollar offset worries about a worldwide recession and the effect of rising interest rates on gasoline consumption.

In remarks that hurt oil prices on Thursday, Federal Reserve Bank of Philadelphia President Patrick Harker said that the U.S. Federal Reserve is attempting to slow the economy and would maintain raising its short-term rate target in order to combat inflation.

However, crude is gaining support due to a pending ban on Russian oil by the European Union as well as the recent 2 million barrels per day supply cut reached by OPEC+, often known as OPEC and allies including Russia.

Brent crude increased $1.12 to settle at $93.50 a barrel.

current updates

Due to concerns about the recession, oil prices fell 1.5% for the week.

The Dutch government raises its 90% fill goal for the Bergermeer gas storage facility.

Factbox: Germany's initiatives to address the energy problem

Australia's east prepares for more intense rainfall and potentially fatal floods

Australia's Albanese and Japan's Kishida meet for discussions on defence and energy

On the week, Brent increased by 2% while WTI decreased by roughly 0.7%.

After the WTI's November contract expired, traders were settling positions before the weekend, which raised volatility.