• Latest
  • Trending
  • All
  • News
WTI renews yearly low as Coronavirus woes join fears of higher supplies, oil price cap

WTI renews yearly low as Coronavirus woes join fears of higher supplies, oil price cap

November 28, 2022
It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

January 31, 2023
Why No One Saw The Success Of Bitcoin Demand Response Coming

Why No One Saw The Success Of Bitcoin Demand Response Coming

January 31, 2023
After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

January 31, 2023
How To Conduct Reputation Marketing In A Local Area

How To Conduct Reputation Marketing In A Local Area

January 31, 2023
CEOs Will Be Clamping Down On Employees

CEOs Will Be Clamping Down On Employees

January 31, 2023
The Women’s Quotient study highlights women’s resilience

The Women’s Quotient study highlights women’s resilience

January 31, 2023
Japan Inc strives to lure skilled workers as inflation, labour crunch bite

Japan Inc strives to lure skilled workers as inflation, labour crunch bite

January 31, 2023
India economic survey likely to peg 2023-24 growth at slowest in three years

India economic survey likely to peg 2023-24 growth at slowest in three years

January 31, 2023
U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans

U.S. watchdog identifies $5.4 billion in potentially fraudulent COVID-19 loans

January 31, 2023
Marketmind: Fasten your seatbelts

Marketmind: Fasten your seatbelts

January 31, 2023
Yellen Sees Low Inflation as More Likely Long-Term Challenge

Yellen Sees Low Inflation as More Likely Long-Term Challenge

January 31, 2023
Crypto Market Turns Red – Here Are The Key Events To Watch This Week

Crypto Market Turns Red – Here Are The Key Events To Watch This Week

January 30, 2023
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Tuesday, January 31, 2023
  • Login
WallStreetReview
  • Home
  • News
  • Contact WSR
No Result
View All Result
WallStreetReview
No Result
View All Result
Home News

WTI renews yearly low as Coronavirus woes join fears of higher supplies, oil price cap

by Editor
November 28, 2022
in News
0
WTI renews yearly low as Coronavirus woes join fears of higher supplies, oil price cap
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

  • WTI holds lower ground nearly the yearly bottom, sidelined of late.
  • China renews record high daily Covid infections, protestors demand easing of virus-led restrictions.
  • Iraq teases more output ahead of OPEC+ meeting, EU-G7 discusses oil price cap on Russian energy exports.

WTI crude oil drops to the fresh low of 2022 as bears poked $73.90 amid a broad risk-aversion wave, as well as fears of increasing supply and less demand, during early Monday. In doing so, the black gold also portrays the market’s fears of witnessing a limit on Russian oil prices.

China reports another daily all-time high of Covid cases on Monday as it marked the 40,347 numbers to spot the grim conditions in the world’s second-largest economy. “Infections rose as hundreds of demonstrators and police clashed in Shanghai on Sunday night as protests over China’s stringent COVID restrictions spread to several cities,” said Reuters following that data.

Elsewhere, Iraq’s state news agency quoted Saadoun Mohsen, a senior official at the country’s state oil marketer (SOMO), as saying on Saturday that the nation plans to add a total of 1 million to 1.5 million barrels a day by 2025, per Bloomberg. “Export capacity from southern ports is due to increase between 150,000-250,000 barrels a day from next year,” mentioned the news.

Additionally weighing on the commodity price are the talks among the members of the Group of Seven Nations (G7) and the European Union (EU) continue to drag on the Russian oil price cap. As per the latest updates, the $65 per barrel is the sticking point as discussions are likely to resume on Monday.

Amid these plays, the US stock futures drop nearly 0.70% while the US 10-year Treasury yields fall 3.7 basis points (bps) to 3.66% by the press time.

To sum up, black gold could witness further downside as fears of demand depletion joins the hopes of higher supplies. However, talks surrounding the Russian oil price cap will be crucial for the near-term directions, in addition to the Covid-linked headlines.

Technical analysis

Double-top confirmation keeps WTI bears hopeful of witnessing the sub-$70.00 region on the chart.

Also read: WTI Price Analysis: Bears poke $76.00 with eyes on further downside

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.


Read More

Share196Tweet123Share49
Editor

Editor

  • Trending
  • Comments
  • Latest
Trudeau Invokes Rare Emergency Powers To Shut Down ‘Freedom Convoy’ Blockades

Trudeau Invokes Rare Emergency Powers To Shut Down ‘Freedom Convoy’ Blockades

February 15, 2022
Canada’s OSC Flags Tweets From Coinbase, Kraken CEOs

Canada’s OSC Flags Tweets From Coinbase, Kraken CEOs

February 22, 2022

Scaling Up Your Freelancing Career to a Small Business

June 26, 2022
Scholz to warn Putin of western resolve on Ukraine

Scholz to warn Putin of western resolve on Ukraine

0
Waning stockpiles drive widespread global commodity crunch

Waning stockpiles drive widespread global commodity crunch

0
FT Global MBA Ranking 2022: US business schools dominate

FT Global MBA Ranking 2022: US business schools dominate

0
It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

It’s Time For ‘Destiny 2’ To Beef Up Its Free-To-Play Offerings

January 31, 2023
Why No One Saw The Success Of Bitcoin Demand Response Coming

Why No One Saw The Success Of Bitcoin Demand Response Coming

January 31, 2023
After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

After Layoffs And A CEO Change, Cometeer’s Frozen Coffee Pod Business Is In Hot Water

January 31, 2023
WallStreetReview

Copyright © 2022. WallStreetReview.com

Navigate Site

  • About
  • Advertise
  • Privacy & Policy
  • Contact

Follow Us

No Result
View All Result
  • Home
  • News

Copyright © 2022. WallStreetReview.com

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Don't miss the

NEWSLETTER

Exclusive editorial

Breaking News

Quality Company Coverage

Expert Writers

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

WallStreetReview will use the information you provide on this form to be in touch with you and to provide updates and marketing.