• 3 minutes "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 9 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 5 days Energy Armageddon
  • 3 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 17 hours "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 24 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 21 hours "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 5 days Сryptocurrency predictions
  • 2 days Goldman Betting on Cryptocurrencies
  • 10 days Putin and Xi Bet on the Global South
Europe Still Can’t Quit Russian LNG

Europe Still Can’t Quit Russian LNG

As Europe inches closer to…

Oil Prices On Course For A Third Consecutive Weekly Loss

Oil prices were rising in thin trade early on Friday but were headed to a third consecutive weekly loss amid growing fears of slowing demand in China where Covid restrictions are returning amid spiking numbers of infections. 

As of 10:00 a.m. ET on Friday, the U.S. benchmark WTI Crude was up 0.62% at $78.42, and the international benchmark, Brent Crude, was trading up 0.30% at $85.60.

Oil prices dropped early this week to their lowest level since January, following reports – later refuted – that OPEC+ could be considering a rise in production.

Fears of weak demand in China, the world’s top crude oil importer, took hold of the market on Tuesday and continue to weigh on sentiment.

China is registering near-record numbers of new Covid infections daily—close to the April 2022 peak when the financial center Shanghai was under lockdown for weeks. China’s rising Covid cases and the return of restrictions have weighed on oil prices as the market fears another slowdown in Chinese economic growth and fuel demand, on top of global recession fears.

Oil was further depressed this week by reports that the European Union is in discussions to cap the price of Russian oil at somewhere between $65 and $70 per barrel—a cap which, if approved, wouldn’t effectively lower the price of the flagship Russian crude currently being traded on the market.

There are differences among member states on the level of the price cap. One group of EU countries–including Russian neighbors Poland, Lithuania, and Estonia–believes the proposed price cap is too high and will still give Russia a handsome revenue from oil. Another group of mostly southern EU members with large shipping industries–Greece, Malta, and Cyprus–has said a $65-$70 cap is too low and is demanding compensation for the potential loss of Russian oil trade to shipping, according to EU diplomats who spoke to Reuters.

“Crude oil trades lower for a third consecutive week as demand fears, especially from an increasingly locked down China, weigh on sentiment,” Saxo Bank strategists said on Friday.

“The 12-month futures spread in WTI and Brent have both weakened to the lowest backwardation since last December, reflecting a market concerned about recession and a seasonal slowdown in demand hurting the front month contracts,” Saxo Bank added.  

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News