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Oil Markets Recover Some Earlier Losses

OIL
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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
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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