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Oil dipped while China's protests doubled the worries of the demand

By Rana Gharib
28 Nov,2022
Oil dipped while China's protests doubled the worries of the demand

A slump in oil prices on Monday following the oppositions against Covid-19 restrictions in China raised worries on the prospects of the demand from the biggest importer worldwide.

It is noticed that markets are currently in a volatile status before OPEC+ meeting next Sunday. OPEC+ has settled on an agreement to trim its target for the output by 2 million barrels per day.

Tension raised between the police and many protesters yesterday on Shanghai streets during the demonstration, disapproving the Covid-19 curbs that has been imposed in many cities.

Price cap on Russian oil has been negotiated by G7 and EU diplomats within the range of $65 and $70 per barrel, focusing on trimming revenues that fund military of Moscow attacks in Ukraine without negatively impacting the oil markets worldwide.

The price cap is expected to be effective on the 5th of December following the EU sanction on Russian oil.

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