Oil prices increased, July 10

Update on oil price

WTI crude futures reversed course to gain more than 2% to $104.9 a barrel on Friday, after stronger-than-expected payroll data improved demand prospects but are on track to fall 3% on the week, pressured by persistent jitters over a potential recession-driven demand downturn., Qazet.az reports.

A resurgence of COVID-19 cases in China this week could prompt more lockdowns in the world’s top crude importer and central banks of major economies are determined to rein in inflation with aggressive rate hikes, both of which will weigh on spending and fuel demand. Meanwhile, the Energy Information Administration reported that US crude inventories expanded by the most in eight weeks, beating expectations for a 1.043 million barrel drop.