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Oil Markets Recover Some Earlier Losses

OIL

Crude markets have recovered some ground after Chinese lockdowns weighed heavily on prices in the morning session. Both WTI and Brent benchmarks have posted three consecutive weekly declines.

  • As well as lockdowns, markets remain poised to react to any update on an EU cap on Russian oil. European consensus on a level remains elusive. Friday evening’s meeting was cancelled due to a lack of agreement prior to the meeting.
  • The market is also waiting for any signs of direction out of OPEC+ nations ahead of the December 4 meeting. Downward pressure on the crude markets and a weak outlook from China may provide the impetus to cut levels further.
  • Brent JAN 23 down -2.2% at 81.78$/bbl
  • WTI JAN 23 down -1.8% at 74.89$/bbl
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Crude markets have recovered some ground after Chinese lockdowns weighed heavily on prices in the morning session. Both WTI and Brent benchmarks have posted three consecutive weekly declines.

  • As well as lockdowns, markets remain poised to react to any update on an EU cap on Russian oil. European consensus on a level remains elusive. Friday evening’s meeting was cancelled due to a lack of agreement prior to the meeting.
  • The market is also waiting for any signs of direction out of OPEC+ nations ahead of the December 4 meeting. Downward pressure on the crude markets and a weak outlook from China may provide the impetus to cut levels further.
  • Brent JAN 23 down -2.2% at 81.78$/bbl
  • WTI JAN 23 down -1.8% at 74.89$/bbl