A Sustained Oil Rally Seems Unlikely Amid Rampant Inflation ...Middle East

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A Sustained Oil Rally Seems Unlikely Amid Rampant Inflation
source : OILPRICE ( Middle East ) () 21
U.S. West Texas Intermediate crude oil futures are in a position to finish the week lower after a promising finish the prior week. The selling pressure started early Monday with the market sinking nearly 2% after five straight sessions of gains. The catalyst behind the weakness was growing worries that the gathering of economic storm clouds could be foreshadowing a global recession that could erode fuel demand. Fed Rate Hike Worries Fuel Recession Fears Crude oil prices were capped early in the week amid comments from U.S. Federal Reserve officials…

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