Oil Prices Remain Capped By Economic Concerns

Oil prices are set for a second consecutive weekly gain but the upside remains limited due to continued economic concerns.Friday, July 7th, 2023Oil prices are set to end the week with a slight gain after the market eventually priced in Saudi Arabia’s production cut extension into August as well as another steeper-than-expected US crude inventory drop, pushing ICE Brent closer to the $77 per barrel mark. The upside remains limited, however, as the prospect of another US interest rate hike becomes part of mainstream expectations, with the Fed…