Oil Prices Near ‘Demand Destruction’ Territory, ConocoPhillips CEO Says Oil’s tumultuous rally paused after U.S. inflation rose to a fresh 40-year high, sparking worries that surging prices could hasten the onset of demand destruction. Futures in New York fell below $107 a barrel and Brent slipped to trade around $110. On a day with few new developments from either OPEC+ or the war between Russia and Ukraine, broader market moves came to the fore, with oil tracking its typical inverse relationship to the dollar. As the dollar rises today, commodities priced in the currency become cheaper. On Thursday, the foreign ministers of Russia and Ukraine met in Turkey but the meeting failed to yield any results. Oil “is starting to edge lower as investors become concerned that stagflation risks could deliver a big hit to the short-term crude demand outlook,” said Ed Moya, senior market analyst at Oanda. “The […]