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Oil prices kept rangebound by supply and demand risks

The acute shortage of products such as diesel and gasoline is keeping oil benchmarks above the $100/bbl line, with WTI and Brent futures restored to their respective 50-day moving averages.

Brent restored to 50-day SMA, stays above $100

Oil prices are also being supported by dogged concerns that the EU may have to eventually ban Russian oil imports as long as the Ukraine conflict persists, despite some EU members being open to delaying such sanctions.

China’s ongoing lockdowns are still exerting strong resistance to oil’s upside, although its floor remains intact with a Beijing lockdown being ruled out for now.

Should the prospects of a recession become more glaringly obvious, amid the risk of policy errors by major central banks, that could erode the support for oil prices at the thought of weakening global demand.

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