Oil prices rise on tight supply, markets cautious about economic outlook
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KEY HIGHLIGHTS
- Oil rises on market caution over supply woes
- Oil claws back last week’s losses
- Focus in oil market back on supply concerns
New Delhi: Oil prices clawed back last week’s losses on Tuesday as markets remained cautious about supply concerns.
Aggressive interest rate hikes by central banks across the world have flagged concerns of a possible slowdown with investors worried that massive central bank action could tip the economy off into recession.
With lingering questions over a fall in Russian output in the aftermath of Western sanctions, supply concerns are driving crude oil prices.
Gold steady as investors await further cues from central banks
Gold prices remained unchanged on Tuesday as investors awaited a direction after a historic week for global central banks with a record U.S. Federal Reserve bank interest rate hikes.
Domestic equity markets extended gains for the second straight session, but the path ahead for the yellow metal remained unclear.
“Over the past 10-years, it has been the sixth best month of the year, averaging a gain of +0.28%,” Vecchio added.
