Crude oil prices at the international market are sliding as demand uncertainties triggered by Covid-19 related protests hit China. Anger over China’s zero COVID-19 policy has intensified, sending residents in major cities into the streets as they clash with police over restrictions that have taken a toll on the economy and people’s freedom.
Chinese stocks had on Monday tumbled even though its monetary easing measures failed to offset investor worries about the protests in the world’s second-largest economy, while the yuan weakened versus the dollar. WTI’s trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil.
Although unlikely, some stakeholders noted that OPEC+ may agree to cutting production. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, will meet on Dec. 4.