Oil prices gained on the second trading day of the week as tighter supplies offset concerns about a slowdown in economic activity.
Prices went raised as a result of a restricted supply of oil.
With a premium of more than 1%, US crude oil rose to $ 98, while Brent oil hit a price of $ 106.
Morgan Stanley reduced its predictions for crude oil prices for this year and until 2023, citing expectations of decreased demand while noting the tight market.
According to Warren Patterson, Head of Commodity Strategy at ING Group, “open supply difficulties that the market is facing will keep the oil balance tight for the rest of the year.” Patterson continued that investors are coping with a great deal of uncertainty and looking for guidance.
Concerns that the US is headed for a recession are growing as the Fed is anticipated to increase rates significantly again on Wednesday to counteract rising inflation.
