Meetings of the U.S. Federal Reserve, the loss of Russian oil and COVID-19 in China will...
Activists of the environmental organization Greenpeace paint the words 'Oil fuels war' on the hull of a ship carrying Russian oil near the German island Fehmarn, Germany, Wednesday, March 23, 2022.Meetings of the U.S. Federal Reserve, the loss of Russian oil and COVID-19 in China will drive oil prices this week, though fears of recession will dominate the long-term view, analysts say.
“Russian President Vladimir Putin signed a government order Dec. 27 that bans crude supplies to countries that observe the $60 price cap on Russian oil,” he said. “It will come into force from Feb. 1, and last for five months and this could be just the beginning of a difficult period of cat and mouse that oil buyers and sellers and shippers will have to navigate -- all creating the conditions for further uncertainty and volatility.
“While the U.S. may end up avoiding a recession, the situation looks more bleak in Europe, which has been hit hard by the war in Ukraine, she said. “Half of the European Union will be in recession.” Survey respondents put WTI at $83.63 per barrel by the end of the year, mirroring the federal estimate for the average price of oil for 2023. It averaged about $95 per barrel in 2022, after hitting a high of $123 in early June.
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