Oil Prices Struggle To Record Recovery

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 Crude oil was flat to start trading this week, trying to recover from last week's three-week decline.


US WTI futures traded little changed at around $85 a barrel in the Asian session, while Brent oil traded hovering around $92 a barrel.


There were positives for the oil market at the start of the week, with the Chinese cities of Chengdu and Dalian set to lift their Covid-19 lockdowns on Monday.



With this opening, it has raised market expectations for more closures to be reopened across the country and bolstered demand prospects in the world's largest crude oil importer.


However, the FOMC policy meeting which is the main focus of investors this week, limited the movement of oil prices due to the expected increase in interest rates which will further impact the growth of the United States economy.


On the supply side, US energy firms added oil and natural gas rigs for the first time in the past three weeks, pointing to higher output that could ease concerns about tight supply in the market.

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