Oil rose as tight near-term supplies offset concerns of an eventual economic slowdown.
Oil rose as tight near-term supplies outweighed expectations of another rate hike this week and an eventual economic slowdown.
“Crude prices are showing signs of stabilization around the mid-US$90s as the oil market still remains tight despite another wave of weakening economic data in the US and Europe,” said Ed Moya, senior market analyst at Oanda Corp. “Despite the growing risks of a severe recession, oil should see strong support at the US$90 level over the short-term.”
The oil market has experienced bouts of volatility, characterized by sharp swings and low liquidity, as investors juggle competing supply and demand outlooks.
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