Oil climbed as financial markets recovered from last week’s rout, with traders confident that tight supplies will sustain higher prices even if the global economy contracts. West Texas Intermediate August delivery rose to settle above $109 a barrel after plummeting before the US holiday weekend. Top trader Vitol Group said Chinese demand is recovering in a market that’s struggling to increase supplies, meaning prices are unlikely to drop. Under mounting political pressure to ease the strain on consumers, US President Joe Biden said he’s aiming to decide this week whether to suspend the federal gasoline tax. Markets have been volatile amid moves by the Federal Reserve and other central banks to cool inflation, raising the specter of an economic slowdown. The idea the US could see a recession within months has traders on edge, said Dennis Kissler, senior vice president of trading at BOK Financial. “But it seems for […]