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Oil recovers from three-week lows

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Higher interest rates, however, are checking price gains, as they are likely to curtail economic growth and increases in fuel demand

“We are not seeing any big evidence of a China domestic demand rebound yet, though mobility numbers are encouraging. Hence, concerns about central banks’ rate hike cycles and higher for longer interest rates remains the key drag on oil prices after falling more than 7% last week,” said Suvro Sakar, lead energy analyst at DBS Bank.

Price caps on Russian products also took effect on Sunday, with the Group of Seven , the EU and Australia agreeing on price limits of $100 per barrel on diesel and other products that trade at a premium to crude, and $45 per barrel for products that trade at a discount, such as fuel oil.

 

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