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Oil prices remain unchanged as high demand balances recession worries
By Shubhangi Mathur - May 23, 2022, 03:49 PM ET
Last Updated - Feb 28, 2024, 01:49 PM EST
WTI crude rose 0.01% while Brent crude climbed 0.7%
• WTI crude rose 0.01% while Brent crude climbed 0.7%
Oil prices were almost unchanged on Monday as worries of recession were balanced by the high demand of oil in US with the upcoming driving season.
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US West Texas Intermediate (WTI) crude rose 0.01% at $110.29 a barrel, while Brent crude futures climbed 0.7% at $113.42.
With the decades-high inflation in the US, economists worry of a possible recession in the country.
International Monetary Fund Managing Director Kristalina Georgieva said at the annual Davos economic summit that recession for major economies is not expected, but cannot be completely ruled out.
Oil was unaffected on Monday with the worries of inflation as US is about to enter peak driving season beginning on Memorial Day weekend at the end of this week.
Other than the high demand in the US, Shanghai is also lifting Covid-19 lockdowns with the decline in cases.
China, the largest importer of oil in the world, had imposed lockdowns in the country due to spike in Covid-19 cases.
Picture Credits: Reuters
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