Fundamental News - OIL

WTI crude futures bottomed around $101 per barrel, a dramatic reversal from its daily highs of $104 as investors weighted a weakening global economic outlook and concerns about subdued demand in top consumer China against tighter supplies from Russia and Libya. The IMF and the Global Bank slashed their forecast for world economic growth following Russia’s invasion of Ukraine. At the same time, renewed coronavirus-induced lockdowns in China clouded the demand outlook in the world’s top crude importer. Putting a floor under prices were supplies disruptions from Libya because of a wave of protests and the potential for an EU ban on Russian oil. Meanwhile, EIA data showed that the US crude oil inventories tumbled 8.02 million barrels to 413.7 million barrels last week, the most since January 2021.