Daily Times

Oil recovered from an early fall at the start of the week to surge higher as investors analysed demand predictions ahead of a deluge of market intelligence from big energy firms. After falling more than 1pc earlier in the day, West Texas Intermediate rose toward $90 per barrel. Investors have shifted away from commodities in recent months, as slowing economy fuels concerns that energy use, notably gasoline consumption, may fall. Last week, WTI fell over 10pc as a result of this. Crude oil has been on a whirlwind in 2022, surging in the first months of the year following Russia’s invasion of Ukraine, then plummeting beginning in June as global recession fears gained traction. Inflationary pressures have driven central banks, notably the US Federal Reserve, to raise interest rates, with investors betting that more rises are on the way this year.