Energy Market
Oil prices eased on Monday, though held near 2023 highs, as rising numbers of COVID-19 cases in China clouded prospects for higher demand in at the world’s top crude importer as it reopens after ending strict anti-virus curbs.
Oil prices rose to three-week highs on Tuesday as China’s latest easing of COVID-19 restrictions spurred fuel demand hopes, while concerns that winter storms across the United States are affecting energy production continued to support prices.
Oil declined on Thursday, hovering around two-month lows, as the Group of Seven(G7) nations’ proposed range for a price cap on Russian oil was higher than current trading levels, alleviating concerns over tight supply.
Oil prices fell on Friday after China, the world’s top crude oil importer, widened its COVID-19 curbs, but were poised for a weekly gain on supply concerns ahead of Europe’s pending cut-off of Russian imports.
Oil prices rose on Monday after China rolled over liquidity measures to help its pandemic-hit economy, igniting hopes for a better fuel demand outlook from the world’s top crude importer.
Oil prices reversed losses and edged up on Monday as concerns of tight supply amid lower OPEC output, unrest in Libya and sanctions on Russia outweighed fears of a global recession.
Oil prices climbed above $120 a barrel on Monday, hitting their highest in more than two months, as traders waited to see whether a European Union meeting would reach an agreement on banning Russian oil imports.
OPEC+ will likely stick to modest oil output increases on Thursday arguing it is not responsible for geopolitics and supply disruptions while stressing its worries over the demand outlook due to new COVID lockdowns in China.
Oil prices jumped even higher on Monday after Russia-Ukraine talks appeared to yield no sign of progress, and markets continued to fret over tight supply — sparking a call by the International Energy Agency to reduce oil demand.
Oil prices extended their gains on Friday at the end of a third volatile week of trade after slim progress in peace talks between Russia and Ukraine raised the spectre of tighter sanctions and a prolonged disruption to oil supply.
