Despite tight fuel supplies and a weaker dollar, oil prices climbed four weeks straight, raising fears of a global recession. As US driving season begins in about a week, West Texas Intermediate futures are trading at $111 a barrel and gasoline and diesel are at record levels.
Crude supplies were restricted by a boycott of Russian shipments, and product markets were strained as refining capacity slumped as demand rebounded, pushing the Brent crude spot spread to a seven-week high.
As energy costs rise, central banks have been forced to raise rates, inciting investor concerns about sluggish growth. White House sources say the administration is considering taking advantage of a little-used emergency fuel reserve to alleviate supply shortages amid Russia's invasion of Ukraine.
Inflation has risen due to rising energy costs, stoking investor concerns about slowing growth.
23 May 2022
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