• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 day "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 6 days America should go after China but it should be done in a wise way.
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 1 day World could get rid of Putin and Russia but nobody is bold enough
  • 11 hours Even Shell Agrees with Climate Change!
  • 2 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 5 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 12 days Does Toyota Know Something That We Don’t?

Breaking News:

OPEC Lifts Production in February

Oil Prices Rebound Following Morning Drop

Crude oil prices rallied in the afternoon after a rocky start to the trading day, with Brent crude finishing out the day at $106.57.

Earlier in the trading day, Brent fell to $103.88 as the market weighed the opposing forces of China's lockdowns and recession fears against tight global oil supplies.

The bearish case has focused on covid disruptions in China, which just identified over the weekend its first Omicron subvariant BA.5.21 in Shanghai. The zero-covid policy in the world's largest crude oil importer sparked fears of decreased oil demand. Further limiting oil's gains are fears of a recession in the United States.

But oil prices have remained elevated on tight supplies, waning crude inventories, and concerns that OPEC—specifically Saudi Arabia—doesn't have the spare capacity that some think it has. The fear that sanctions against Russia, which is set to go into effect at the end of this year, could take too many oil barrels out of the market is compounding those fears, with no real plan in place to replace lost Russian oil barrels.

The price of WTI clawed back some gains as well as Monday. After sinking to just over $101 per barrel earlier on Monday, the price of WTI rose to $103.57 at the close of the trading day.

WTI is still trading down nearly $17 per barrel from a month ago, with Brent trading down $!6 per barrel in that timeframe. Gasoline prices in the United States have fallen as well, with the recession fears lending significant weight and providing relief to the Biden Administration, which has been desperate to lower gasoline prices ahead of mid-term elections this fall.

U.S. average gasoline prices fell to $4.678 per gallon on Monday, down from $5.004 a month ago.

By Julianne Geiger for Oilprice.com


More Top Reads From Oilprice.com:

Join the discussion | Back to homepage

Leave a comment
  • George Doolittle on July 12 2022 said:
    Not today as both crypto and oil get annihilated. Not sure what all is priced in ahem *"euros"* ahem but I bet it's well nigh everything imaginable...some of that being unimaginably bad of course as well. Whether so bad an extinction level event occurs remains to be determined but make no mistake currency collapses especially ones in throughout all of Europe is no joke and crushes *ALL* consumer demand and not just demand for oil although certainly there is that.

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