Oil settles nearly flat; recession worry vies with higher demand outlook | Reuters
Oil prices were little changed on Monday, settling just slightly higher as worries over a possible recession vied with an outlook for higher fuel demand with the upcoming U.S. summer driving season and Shanghai's plans to reopen after a two-month coronavirus lockdown.
U.S. West Texas Intermediate (WTI) crude settled up 1 cent, or 0.01%, at $110.29 a barrel, while Brent crude futures settled up 87 cents, or 0.7%, to at $113.42.
"There are black clouds gathering around the financial markets here and it has started to impact crude oil," said Bob Yawger, director of energy futures at Mizuho.
"The economic wellbeing of the global economy is questionable at this point," he added.
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