Commodities
Oil Extends Decline on US Recession Concern, Inventory Build
- JPMorgan projects China’s oil demand is on track to hit record
- Inventories at Cushing rose most since April 2020, EIA says
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Oil rebounded on Thursday as investors bet that revived demand from China would outweigh swelling US stockpiles.
West Texas Intermediate finished a volatile session up 1.1% to $80.33 a barrel. Prices seesawed throughout the day, falling as much as 1.7% early in the day and later rising as much as 2.1% from Wednesday. The fluctuations came as JPMorgan Chase & Co. analysts raised their estimate for China’s oil demand growth, saying consumption is on track to rise to a record 16 million barrels a day. However, lingering economic growth fears in the US continued to spook Wall Street, prompting some traders to shy away from risky assets.