The Oil Price Rally Stalls Amid Demand Uncertainty

Uncertainty has returned to the oil market this week, with the recent oil price rally having stalled due to renewed economic concerns in China and a large inventory build in the U.S.Friday, August 11, 2023Backwardation in Brent and WTI futures continued to widen this week as physical tightness was felt across all continents, but China’s uncertain outlook and a large US inventory build have capped oil prices. As of Friday morning, ICE Brent was trading at $86.44 per barrel and WTI below $83 per barrel. International organizations have…