Oil fluctuated near US$108 ($149.65) a barrel as investors monitored developments from the gathering of Group of Seven leaders, while fears of a demand-sapping recession continued to hang over the market.
West Texas Intermediate swung between gains and losses in Asian trading after closing 3.2% higher on Friday. The benchmark still posted its first back-to-back weekly decline since April. The G-7 will commit to providing indefinite support to Ukraine for its defense against Russia, according to the text of a draft statement. The group is also weighing a price cap on the nation’s crude.
Oil is heading for its first monthly decline since November on escalating fears about a global slowdown as central banks hike interest rates to combat surging inflation. Retail prices for products like gasoline haven’t fallen anywhere near as fast as crude, however, due to a shortage of capacity to make fuels.