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Crude Recovering on Potential OPEC+ Cuts

OIL

Oil markets are reversing earlier losses on the latest headlines that OPEC+ is considering new cuts at its meeting next week.

  • Crude prices have been feeling pressure from Chinese lockdowns which have hammered energy demand outlooks – persisting far longer than anticipated.
  • The markets have been more open to the possibility of OPEC+ increasing cuts next week to support falling prices which have now wiped out 2022 gains fueled by the Ukraine invasion.
  • Brent JAN 23 down -0.5% at 83.25$/bbl
  • WTI JAN 23 up 0.4% at 76.62$/bbl

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