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Oil Slides On China Covid Fears and Relaxed Russia Price Cap

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  • Crude oil has fallen heavily today on China covid-related demand fears and the EU discussing a softer Russian price cap of $65-70/bbl (up from 60-70/bbl the WSJ noted the G7 was considering yesterday, well above Russia’s cost of production and higher than some countries have been paying for its oil) , potentially having minimal impact on trading. EIA data were somewhat mixed, with a larger than expected draw in crude stocks but larger climbs in gasoline and distillate stocks.
  • Losses were limited by Bloomberg reporting EU price cap talks have stalled according to those familiar with the matter before a light boost after the FOMC minutes.
  • WTI is -4.0% at $77.75 as it begins to eye a key medium-term support at $74.96 (Sep 28 low).
  • Brent is -3.7% at $85.13 compared to next support at $82.31 (Nov 21 low).
  • Gold meanwhile is +0.6% at $1751.3, buoyed by a weaker USD post-FOMC minutes, but remains some way off the bull trigger at $1786.5 (Nov 15 high).
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  • Crude oil has fallen heavily today on China covid-related demand fears and the EU discussing a softer Russian price cap of $65-70/bbl (up from 60-70/bbl the WSJ noted the G7 was considering yesterday, well above Russia’s cost of production and higher than some countries have been paying for its oil) , potentially having minimal impact on trading. EIA data were somewhat mixed, with a larger than expected draw in crude stocks but larger climbs in gasoline and distillate stocks.
  • Losses were limited by Bloomberg reporting EU price cap talks have stalled according to those familiar with the matter before a light boost after the FOMC minutes.
  • WTI is -4.0% at $77.75 as it begins to eye a key medium-term support at $74.96 (Sep 28 low).
  • Brent is -3.7% at $85.13 compared to next support at $82.31 (Nov 21 low).
  • Gold meanwhile is +0.6% at $1751.3, buoyed by a weaker USD post-FOMC minutes, but remains some way off the bull trigger at $1786.5 (Nov 15 high).