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Crude Oil Prices Stayed Near 77 $ As Rumors That OPEC May Cut Again Production To Support Price

WTI crude oil Prices  steadied near $77 per barrel on Tuesday as traders weighed a weakening demand outlook against speculations that OPEC+ may agree on another production cut in its next meeting to support oil prices.

The oil market remains mired in China’s strict Covid restrictions and ensuing protests that dampened the outlook for the world’s top crude importer.

Mounting risks of a global recession also continued to weigh on commodity markets, with US Federal Reserve officials signaling that interest rates will continue to rise well into next year despite growth concerns.

Meanwhile, the US crude oil prices benchmark rebounded from a near one-year low on Monday after consultancy firm Eurasia Group suggested that weakened demand out of China could spur OPEC+ to cut output.

Investors also continued to assess the impact of a planned price cap on Russian oil, though European governments failed to reach a consensus about the cap on Monday.

While Also Brent crude oil  futures steadied near $83 per barrel on Tuesday as traders weighed a weakening demand outlook against speculations that OPEC+ may agree on another production cut in its next meeting to support oil prices.

The oil market remains mired in China’s strict Covid restrictions and ensuing protests that dampened the outlook for the world’s top crude importer. Mounting risks of a global recession also continued to weigh on commodity markets, with US Federal Reserve officials signaling that interest rates will continue to rise well into next year despite growth concerns.

While Earlier crude oil dropped about 3% to around $74 per barrel on Monday, sinking to the lowest levels since December last year as widespread protests in China over its strict zero-Covid policy hurt investor sentiment and the demand outlook.

Oil prices were also pressured by reports that the US granted Chevron Corp a license to resume oil production in Venezuela. The US oil benchmark has entered its fourth straight week of declines as Covid-related uncertainties in top crude importer China and mounting fears of a global recession gripped energy markets

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