Oil eases after weekly losses

Oil was flat as investors weighed a mixed outlook for global crude demand after a period of volatile trading. U.S. crude rose more than 4% on Friday to hold above $71 a barrel after paring a sharp weekly loss. Fears of a U.S. recession and bank failures have shaken markets recently, pushing crude to its lowest intraday level since late 2021. Investors will get a range of outlooks this week on how the second half of the year could shape up. The Organization of the Petroleum Exporting Countries releases its monthly snapshot on Thursday, before the U.S. Energy Information Administration releases its short-term outlook on Tuesday. Saudi Aramco, the world’s largest oil producer, is also due to report earnings. Crude has fallen nearly 11% this year as the Federal Reserve’s toughest tightening policy has stoked fears of a U.S. slowdown or recession, but most investors now expect policymakers to pause rate hikes. The decline came despite a surprise production cut by OPEC and allies including Russia. Still, there is little evidence so far that Moscow has reduced its supply, despite promises to do so.