Oil notches first back-to-back monthly loss since 2020

Oil fell for a second-consecutive month as a deteriorating demand outlook offset concerns over tight physical supplies.

West Texas Intermediate rose Friday, bringing this week’s gain to around 4 per cent. Futures nevertheless recorded their first back-to-back monthly decline since 2020 as fears of an economic slowdown fueled bearish sentiment across markets. The US economy shrank for a second quarter as rampant inflation undercut consumer spending. Citigroup Inc. says there are signs the oil market is moderating.

Still, Exxon Mobil Corp. doesn’t see any signs of major fuel demand destruction. “I wouldn’t tell you that we’re seeing something that would say we are in a recession, or near recession,” CEO Darren Woods said.