Oil Rose as Investors Weigh the Tough Product Market

Oil rose earlier this week as investors weighed product markets tense over concerns about slowing global growth. West Texas Intermediate soared above $111 a barrel after the longest four-week rise since February. Gasoline and diesel prices have risen to record levels prior to the start of the US driving season, which begins in about a week. Money managers have also increased bullish crude bets.

Saudi Arabia said in a weekend comment that it would continue to support Russia's role in OPEC+'s producer group and undermine US-led efforts to isolate Moscow over the invasion of Ukraine, according to the Financial Times.

This year's oil surged due to rising demand and the complex global collapse of Russia's aggression. Rising energy costs have contributed to inflation's runaway, fueling investor concerns that central banks will raise interest rates and slow growth. China has also imposed a series of lockdowns to control increasing Covid-19 cases, causing harm to Asia’s economy.

Asia's largest economy remains complex. In Shanghai, as it aims to end the two-month lockdown without new cases being reported outside the quarantine, authorities have set criteria to classify some of the commercial hubs as low risk for Covid-19.