Near-term outlook remains bullish amid tight supply US economic data eases recession fears amid central bank tightening Crude oil futures were higher in mid-morning Asian trade May 27, with the ICE Brent crude marker hovering around a two-month high, as the near-term outlook for oil remained bullish with demand still seen outpacing supply.
At 10:22 am Singapore time (0222 GMT), the ICE July Brent futures contract was up 17 cents/b (0.14%) from the previous close at $117.57/b, while the NYMEX July light sweet crude contract was 17 cents/b (0.15%) higher at $114.26/b. “Momentum is flat-out bullish, with many factors pointing to a tighter market, even more so with the EU on the precipice of a total ban on Russian energy,” SPI Asset Management Managing Partner Stephen Innes said in a May 27 note. Oil’s […]