Oil headed for a weekly increase on signs of tight physical supply, but remained down this month amid persisting fears of economic slowdown. West Texas Intermediate futures rose above $98 a barrel, bringing this week’s gain to about 4%. Prices are more likely to rise than fall as tight supply outweighs any risks to demand, Shell Plc Chief Executive Officer Ben van Beurden said on Thursday after the company posted record profit in the second quarter. Futures are still poised for the first back-to-back monthly decline since 2020 after fears over a slowdown fueled bearish sentiment across markets. The US economy shrank for a second quarter as rampant inflation undercut consumer spending. Citigroup Inc. says there are signs the oil market is moderating. “The underlying fundamentals for oil still remain quite strong,” said Edward Bell, senior director of market economics at Emirates NBD Bank PJSC. “There are serious risks […]