The health of the US economy is "one of the biggest risks to the oil market," which is likely to remain "biased on the cautious side while awaiting clearer signs" of recovery, said James Zhang at Standard New York Securities Inc., the Standard Bank Group. "The oil market is torn between continuously tightening [supplies] and signs of weakness in the US recovery," Zhang reported. Energy prices waffled in volatile trading during the week ended May 20, with the expiring June contract for benchmark US light, sweet crudes finishing at $99.49/bbl in New York. In London, the July IPE contract for North Sea Brent closing at $112.39/bbl.
For more: - Oil & Gas Journal
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