AFTER riding a bullish wave which lifted Dated Brent to US$137.64/barrel on March 8, international crude oil prices, while highly volatile, succumbed to recessionary fears and mounting inflationary pressures, amplified by the surge in global food prices, sparking macroeconomic growth concerns globally.
Lingering supply risks, nevertheless, given the ongoing Russia-Ukraine war, remained supportive of oil prices. Tensions between China and Taiwan escalated after US House Speaker Nancy Pelosi visited Taiwan earlier this month, raising the threat of yet another conflict and putting a key shipping lane at risk.
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