Oil Posts Weekly Gain as China, Fed Pause Lift Demand Outlook
- Pimco says split in heavy, light supplies is confusing market
- Refinery outages in US, Europe threaten to temper rally
This article is for subscribers only.
Oil rose on Friday, cementing a gain for the week, as macroeconomic trends suggested stronger demand globally.
Crude has gotten a lift from signals that China’s usage will continue to grow, indications that the US driving season will be robust and expectations that the Federal Reserve’s pause in interest rate increases will provide the economy some temporary relief. Still, the rally is being capped as stockpiles continue to swell despite Saudi-led OPEC+ production cuts.