WTI”: Crude oil traded around $85 per barrel on Monday, remaining sideways for the past three sessions as investors weighed the prospect of tighter supply against fears of a demand sapping global recession.
Markets remained cautious as OPEC+ is set to reduce output from November, while the European Union’s ban on Russian crude takes effect in December.
In China, hopes for easing Covid restrictions lifted sentiment, though analysts were quick to point out signs of no significant policy change among the country’s top leadership.
Meanwhile,crude oil is still facing downward pressure from a strong dollar and demand that makes greenback-priced commodities more expensive for overseas buyers, as well as from mounting risks of a global recession.
Markets are now expected to pay attention to how well member countries would comply to OPEC+ production cuts next month, while watching for any additional counter-measures from the US after it released emergency reserves last week