Crude’s timespreads point to robust near-term consumption Citi warns price could slump to $65 if recession hurts demand Oil held gains as investors assessed still-strong underlying market signals against concerns a recession will eventually sap demand. West Texas Intermediate traded above $110 a barrel in Asia after a long holiday weekend in the US. The benchmark is more than 1% higher than Friday’s close as there was no settlement on Monday. Key market timespreads remain robust, indicating that there’s solid demand for near-term supplies. Oil has started the third quarter in strong form after dropping in June, when concerns about an economic slowdown spurred the commodity’s the first monthly loss this year. While Russia’s invasion of Ukraine has roiled crude flows and lifted prices, the jump in energy costs has fanned inflation. That’s pushed central banks to raise rates, triggering risks growth will stall. “I don’t think sentiment has […]