Oil Extends Weekly Gain as Traders Look for Clues on Economy

Print 🖨

Oil extended a weekly gain, with investors awaiting further economic data as the fallout from the banking crisis continued to ripple across markets.West Texas Intermediate futures edged toward $70 a barrel after climbing almost 4% last week. As the bank-sector turmoil sparks recessionary fears, US authorities are considering expanding an emergency lending facility — among several options on the table.

Oil Inches Higher After Weekly Advance | Focus returns to key economic data due in the coming weeks

Oil remains on track for its steepest first-quarter loss since 2020 as a potential US recession, French strikes and resilient Russian output weigh on the outlook. In the days ahead, traders will look to Federal Reserve officials for clues on the path forward for monetary policy, and a key measure of US inflation is due.

The “focus returns to important economic figures due over the coming weeks,” including jobs data, said Jens Naervig Pedersen, an analyst at Danske Bank A/S. Investors want signals on “how the economy is doing and ultimately the strength of oil demand.”

ROO.AI Oil and Gas Field Service Software

Prices:

WTI for May delivery rose 0.7% to $69.74 a barrel at 11:02 a.m. London time
Brent for May settlement also increased 0.7% to trade at $75.50 a barrel

In France, Exxon Mobil Corp. said it would begin shutting down its Gravenchon refinery — representing 20% of the country’s refinery capacity — on Saturday as protests disrupt crude supply. That’s hit producers such as Nigeria, with half of the nation’s April oil shipments still left unsold.