Fundamental Forces Clash In Turbulent Oil Market

U.S. West Texas Intermediate crude oil futures are trading slightly higher on Friday but are still in a position to post its first weekly loss in three weeks as mixed fundamentals continue to control the price action. Bullish traders are pinning their hopes for higher prices on dwindling fuel supplies for Russia, while bearish traders are betting aggressive central bank interest rate hikes to combat out of control inflation and China’s COVID lockdowns will slow global growth and demand. Meanwhile, an International Energy Agency (IEA) report…