Crude oil prices should pivot this week on Western negotiations over a price cap on...
Crude oil prices should pivot this week on Western negotiations over a price cap on Russian oil, global economic malaise and the potential for unrest in China, analysts saidCrude oil prices should pivot this week on Western negotiations over a price cap on Russian oil, global economic malaise and the potential for unrest in China, analysts said.
“This week, expect more of the same with China,” said Ole Hanson, the head of commodities strategy at Saxo Bank in Denmark. Oil ministers in the Middle East quickly shot down reports of a production increase from OPEC and its allies, such as Russia. The group, known as OPEC+ meets in early December to review production allotments
If a price cap materializes, it could in theory tighten supplies, given the potential loss of Russian crude, and push prices higher. But slowing demand in the major economies in Asia, for example, could leave some Russian crude floating at sea.
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