Business Maverick: Oil steadies after wild ride with Chinese demand, OPEC+ in focus

📆 22-11-22 09:36:00
📰 dailymaverick

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Oil steadied after a volatile session as investors juggled a clouded supply outlook and concerns over weaker demand in virus-hit China, with nationwide Covid cases swelling near a record level despite curbs.

West Texas Intermediate held above $80 a barrel in early Asian trading after swinging in a $5 arc in the week’s opening session. Prices had plunged following a report that OPEC+ was considering an output hike, then recovered to end little changed after Saudi ArabiaCrude-consumption trends in China remain in the spotlight as repeated Covid-19 outbreaks prompt officials to press on with lockdowns and movement curbs.

. The raft of measures is intended to step up pressure on Moscow for the war in Ukraine, while simultaneously avoiding an inflationary spike in crude prices.

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