Oil prices steady as traders weigh outlook for demand

Oil has soared in 2022 as the war in Ukraine disrupted supplies just as consumption increased following the pandemic. Picture: AP Photo/Dmitry Lovetsky.

Oil steadied in Asia -- after plunging almost 7% on Friday -- as traders weighed prospects for higher near-term demand against concerns that aggressive US monetary tightening will lead to a recession.

West Texas Intermediate traded above $109 (€103.45) a barrel after tumbling by the most since early April last week as escalating worries about the pace at which the Federal Reserve is raising rates rattled financial markets. At the weekend, US Energy Secretary Jennifer Granholm warned drivers of a “continued upward pull on demand,” and the likelihood of sustained high gasoline prices.