IEA Cuts Global Oil Demand Forecast on China Lockdowns Oil notched a weekly gain as traders weighed a global supply deficit, a potential ban on Russian oil from the European Union and China’s latest virus lockdowns. West Texas Intermediate settled near $107, rising 8.8% for the week. Oil rallied Thursday afternoon after a report that the European Union is moving toward adopting a phased-in ban on Russian oil. President Vladimir Putin vowed to continue the invasion of Ukraine earlier this week, pointing to a prolonged disruption of Russia’s energy exports. Additionally, the International Energy Agency said in a report that OPEC+ members provided only 10% of their promised supply increases last month. In the U.S., crude stockpiles jumped more than 9 million barrels last week, with over a third of the build attributed to the shift of strategic oil reserves to commercial inventories. At the same time, most stocks […]