Gas continues to rise on further market tightening – The Peninsula

Gas continues to rise on further market tightening – The Peninsula

Doha: Oil prices settled up by more than $3 a barrel on Friday, supported by tight supply, but they notched their second weekly decline on concerns that rising interest rates could push the world economy into recession.

Brent crude settled up 2.8% on Friday’s session, at $113.12 a barrel, while U.S. West Texas Intermediate (WTI) crude closed up 3.2%, at $107.62. Both benchmarks were down slightly on the week as investors worried that rate hikes by the Federal Reserve could push the U.S. economy into recession, dampening demand for fuel.

On Thursday, Fed Chair Jerome Powell said the central bank’s focus on curbing inflation was “unconditional”, adding to fears of additional interest rate hikes. Russia’s invasion of Ukraine continues to exacerbate tight supplies, just as demand has been recovering from the COVID-19 pandemic. Crude has gained support from the almost total shutdown of output in OPEC member Libya due to unrest. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, meet on June 30 and are expected to stick to a plan to only slightly accelerate hikes in oil production in July and August.

Asian spot LNG continued its upward trend last week as fears of further market tightening