Oil Prices Rebound Despite Economic Woes and Rate Hike Concerns

Oil prices rebounded on Friday morning as the market refocuses on fundamentals after a week of bearish sentiment. The rally comes despite a disappointing crude oil demand outlook from China and suspicions that Russia hasn't cut production as much as it said it would. Saudi Aramco's notice of lowering its Official Selling Price (OSP) of all crude grades to Asia for June 2023 also contributed to the rebound. Despite increased pledges from the OPEC+ group to cut more crude oil off its production quotas, WTI prices are still about $40 per barrel under where they were this time last year.