Oil Prices Swing on Global Demand Fears

Oil prices fluctuated as investors worried about slowing global demand and weighed comments from the United States on refilling strategic reserves.
Brent crude futures settled up 93 cents, or 1%, at US$94.10 a barrel, while US West Texas Intermediate crude ended US$1.17, or 1.3%, higher at US$88.48.
The International Energy Agency (IEA) predicts that a worsening economic downturn and a faltering Chinese economy would draw global oil demand to a standstill in the fourth quarter of this year. That has kept prices low recently and could hinder future rallies.
According to recent government data, oil stockpiles in the US rose for a second week in a row last week. This increase was again aided by the continuous releases from the Strategic Petroleum Reserve (SPR).
Meanwhile, the US Department of Energy has stated that there is no trigger price in place for the restocking of the nation’s emergency oil supply and that no purchases are expected to be made until fiscal year 2023.