Oil edged higher, but demand uncertainty remains

Oil prices edged higher during Asian morning trading on June 28, remaining in a range-bound mode this week amid weak risk appetite.

Investors remained on the sidelines amid heightened concerns about the risk of a global recession and continued monetary tightening.

Analysts at Galaxy Futures warned that the fundamental demand outlook for energy commodities will be weaker in the coming months given slower-than-expected economic recovery in some Asian countries and weaker macroeconomic conditions in most parts of the world.