The only headwind for oil is a global economic slowdown, analysts say
Russian soldiers tint their T-72 tanks on the eve of the Victory Day military parade. Oil markets and the world will watch if President Vladimir Putin uses the annual celebration to make pronouncements about the direction of the war in Ukraine.Signs that the global economy is slowing could put downward pressure on oil prices, despite tight supplies as the war in Ukraine rages, analysts said.
Oil is traded in dollars, so a strong greenback means buyers can purchase more oil with fewer dollars. But oil still surged higher a proposal by the European Union to gradually ban Russian crude oil and from the decision from the Organization of the Petroleum Exporting Countries to keep output steady.
Lockdowns in major cities such as Shanghai are curbing growth in China, a key driver of the global economy and energy demand. OPEC economists in their monthly market report for May revised their forecast for Chinese economic growth this year to 5.3 percent from earlier forecasts 5.6 percent — significantly lower than the 8.1 percent in 2021.
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