Oil Ekes Out Weekly Gain as Slowdown Fears Linger
- WTI has lost almost one-third of its value since early summer
- Futures remain steeply backwardated, indicating tight supply
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Oil edged higher after a volatile week of trading as concerns over a global economic slowdown continued to dun the market.
West Texas Intermediate futures rose 0.6% to settle above $85, marking a weekly gain. Prices have been oscillating within a narrow band since late-September as investors juggle slowdown fears against signs of oil-market tightness, while fluctuating risk sentiment in broader markets whipsaws crude prices.