Oil
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.
U.S. equities futures were little changed on Wednesday morning after the market staged a big midday reversal on Tuesday, with falling bond yields giving a boost to growth stocks, and ahead of a batch of economic data.
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.
Stock futures were flat in overnight trading Monday after investors bought the dip in technology shares following recent weakness.
Stock futures were in positive territory on Tuesday morning, ahead of consumer confidence data and a big week for economic data.
