Crude Oil Remains under Pressure Following Three Consecutive Days of Losses

Crude Oil

Crude Oil remains under pressure this morning printing a new YTD low following three consecutive days of losses. The recent price cap on Russian oil has had very little impact on oil prices as a resurgent dollar and recessionary fears grow.

News out of China this morning regarding the further easing of covid regulations has done little to ease demand fears. It would seem that the easing of restrictions has largely been priced in by market participants as rumors began to swirl last week.

The Chinese health authority announced that people with asymptomatic Covid-19 cases as well as mild symptoms may quarantine at home. Chinese imports and exports fell sharply in November in a further sign of weak global demand which could be affecting oil prices as well. Exports fell 8.7% last month as inflation begins to affect global demand with consumers prioritizing essential purchases over luxuries.

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