Oil Gains Capped By Lackluster Industrial Data From China
A pair of economic reports from China came in much weaker than expected on Thursday, further deepening concerns over global demand and recession
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A pair of economic reports from China came in much weaker than expected on Thursday, further deepening concerns over global demand and recession
The week started on the wrong foot for oil when OPEC+ decided not to cut output, but bearish news continued to pile up as traders continue to worry about global economic growth
Oil markets are looking at a period of heightened volatility with another monthly OPEC+ meeting coming up, a ban on Russian seaborne crude around the corner and a $60 oil price cap on Russian crude
Crude oil is likely to remain under pressure ahead of next week’s holiday-shortened week because of ongoing concerns about demand, the dollar’s renewed strength and worries about a global recession
Crude prices got some support from a lighter-than-expected inflation print, leading traders to believe that the Federal Reserve may slow its aggressive tightening campaign that has weighed market down