Market News : WTI crude oil prices were near $78 per barrel and were expected to rise by about 6% this week, supported by a variety of supply disruptions, additional sanctions against Russian oil, and optimism regarding a rise in Chinese demand.
This week, a significant oil field in Norway unexpectedly shut down and an important oil terminal in Turkey ceased operations due to the recent earthquake. On Sunday, price caps for Russian oil products and the European ban on seaborne imports were also implemented.
Furthermore, IEA Executive Director Fatih Birol stated over the weekend that a stronger-than-anticipated recovery in China’s economy could boost crude demand. In the meantime, the benchmark oil price in the United States fell on Thursday due to concerns about a US recession, rising crude inventories, and hawkish signals from the Federal Reserve.
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[…] Oil price forecasts and price targets are not published by OPEC and OPEC+. Ministers and officials from OPEC and OPEC+ are frequently reluctant to discuss price direction publicly. […]