Momentum Grows For Oil, But Recession Fears Cap Gains

U.S. West Texas Intermediate crude oil futures settled about 2% higher on Thursday on positive U.S. economic data and optimism that global demand will strengthen as top oil importer China reopens its economy. The move pushed futures prices higher for the week and in a position to add to the current rally. Renewed buying by the major hedge funds is also a bullish sign. Better-than-Expected US Economic Data Providing Support Gross Domestic Product increased at a 2.9% annualized rate in the fourth quarter of 2022 as consumers boosted spending on goods,…