WTI stays firmer past $81.00 amid oil price cap, OPEC+ chatters – by anilpanchal7 Oil WTI OPEC Russell Commodities
ed to the headlines surrounding the Group of Seven nations’ discussions on the oil price cap on Russian exports, as well as the inventory draw conveyed by the industry source.
Weekly prints of the American Petroleum Institute’s Crude Oil Stock data marked the draw of 4.8 million barrels versus -5.835M prior for the week ended on November 18., along with the EU and Australia are slated to implement the price cap on sea-borne exports of Russian oil on Dec. 5, as part of sanctions intended to punish Moscow for its invasion of Ukraine.
Previous, the Wall Street Journal quoted Saudi Arabia as denying a production increase plan due to unease with public discussion of the group's decision-making before an agreement with Russia had been struck. It’s worth noting, however, that the Covid woes in China and fears of economic slowdown in major economies challenge the energy demand. On the same line could be the rate hikes by the key central banks.
Looking forward, the official weekly oil inventory data from the Energy Information Administration for the week ended on November 18, expected at 0.115M versus -5.4M prior, will be important for the oil traders to watch for clear directions. However, major attention will be given to the preliminary readings of November’s monthly activity data and Minutes of the Fed’s latest minutes.
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