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Oil prices nudged up with glimmer of hopes that China may soften Covid-19 restrictions

By Rana Gharib
29 Nov,2022
Oil prices nudged up with glimmer of hopes that China may soften Covid-19 restrictions

A rally in oil prices in Tuesday, bolstered by hopes that China will ease its Covid-19 restrictions post the demonstrations that conveyed voices of protests against China’s imposed curbs to combat the pandemic spreads.

Brent crude futures nudged up by 1.7% at $84.57 per barrel while WTI climbed by 1.5% at $78.39.

Oil prices are backed by forecasts stating that big producers are reconsidering their production plans.

Analysts predict that the shrunk demand in China could trigger OPEC+ to trim the output more.

The commence of output trim has been activated by OPEC+ in November, in an attempt to support oil prices.

Markets are now evaluating the influence of the forthcoming price cap on the Russian oil.

EU still did not manage to settle an agreement on price cap for Russian oil with Poland stressing that the price cap should fall below what has been offered by the G7.

 

 

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