Posted 2/22/2024, 4:10:00 AM
Oil Prices Hold Near 2022 Highs on Tight Supply Despite Demand Worries
- Oil prices held gains as signs of a tight crude market offset weak demand concerns
- Timespreads signal a tightening oil market, though API reported a big rise in US crude stockpiles
- Oil prices often take cues from wider equity markets during earnings seasons
- Crude trades near 2022 highs as investors weigh China demand vs geopolitical risks
- Most Fed officials remain worried about raising rates too soon, a headwind for oil demand