Oil has stabilized

Amid the weakening of optimistic sentiment regarding the likely increase in energy demand in China, and as the market weighed in on fears of a skyrocketing inflation, oil prices were fixed.

On Thursday, the President of the Federal Reserve Bank of Philadelphia, Patrick Harker, made a statement that in order to counter inflation, the US Federal Reserve will continue to raise the short-term rate and will make attempts to slow down the economy.

According to Stephen Innes, managing director of SPI Asset Management, this week several central representatives of the Fed, belonging to the so-called "hawks", replaced each other behind the podium, advocating higher interest rates, which weakened the optimistic mood caused by a decrease in China's hopes for quarantine.

He also added that everyone is pining for the rise in commodities caused by the reopening of China, but this has yet to come.

China's severe COVID-19 restrictions this year have had a significant impact on business and economic activity as a result of lower demand for fuel, since China is the world's largest importer of crude oil.