SHAFAQNA TURKEY-Petroleum remained negative this week due to concerns about economic activity, despite news of easing from China.
Oil fell nearly 10 percent in a week as fears over the economic outlook cast a shadow over China’s easing of stringent virus restrictions and cuts to U.S. crude oil supplies.
On Friday, U.S. crude oil traded around $72 a barrel. The oil market is also facing a constant lack of liquidity, which is why prices are subject to significant fluctuations.
The pipeline shutdown after the Keystone leak interrupted the flow of crude oil to the US. However, investors believe that at least part of the line will soon be up and running again.
“Fears of a broader recession accompanying global monetary tightening have driven oil prices down and, given delays in monetary policy, there could be a ‘tightening wall’,” said Vishnu Varatan, head of economics and strategy Mizuho Bank Asia.
While US Treasury Secretary Janet Yellen believes the US continues to avoid recession, crude oil is on track for its first consecutive quarterly decline since mid-2019 amid a worsening economic outlook as central banks tightened monetary policy.
Investors are also closely watching developments around Russian oil, which has stuck tankers in Turkish territorial waters over an insurance dispute. According to Oman’s Energy Minister, there is widespread concern about the restriction imposed by the G7 countries among oil-dependent economies, citing concerns that other countries could be affected.
However, Russia believes that the price cap has a limited impact on crude oil production.
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