Financial analysis

Demand-side fears are overtaking the supplies-staying-tight narrative, prompting oil to unwind its year-to-date gains, with both Brent and WTI futures bringing the curtains down on six consecutive months of gains. Brent oil is holding tepidly above its 100-day simple moving average, clinging on for support as fears of greater demand destruction stemming from global monetary policy tightening weigh on the commodity’s prices.