Oil falls as traders tune out market over risk-laden price picture

  • 📰 financialpost
  • ⏱ Reading Time:
  • 26 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 14%
  • Publisher: 85%

Canada News News

Canada Canada Latest News,Canada Canada Headlines

The price of oil has fallen below $80 a barrel as traders tune out a market that is strewn with too many risks. Read more here.

West Texas Intermediate futures fell below US$80 on Monday. Stronger-than-expected U.S. economic data fuelled speculation that the Fed would keep its policy tight to fight inflation, sending a gauge of the U.S. dollar higher. Earlier, WTI rose as much as 3.4 per cent after China announced further easing of COVID restrictions in some of its largest cities. Monday also marked the beginning of a European Union and Group of Seven cap on Russia crude prices at US$60 a barrel.

Oil has swung inside of a US$10 range in recent weeks as markets weigh restrictions on Russian supply and China’s gradual reopening against the risk of an economic slowdown in the U.S. and other parts of the world struggling to contain inflation. Futures holdings continue to plunge as the year draws to a close — open interest in the main oil contracts is the lowest since 2015 — indicating that traders have pared back positions amid a number of risks, including the future of Russian supply.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 7. in CA

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

RBC buys HSBC, holiday air travel and immigration backlog: Must-read business and investing storiesPlus, more Canadians are retiring with a mortgage to pay It's called CHRISTMAS.
Source: globeandmail - 🏆 5. / 92 Read more »

G7 price cap on Russian oil kicks in, Russia will only sell at market priceG7 measure allows Russian oil to be shipped to third-party countries at or below price cap Russia won’t sell to any country with the cap but instead deal with China and Saudis, and India . It’s already out on telegram All fossil fuels should be sold in the state's local currencies including in Roubles. The G7 are shooting the self in the foot again I see,they don’t care if their citizens freeze to death or starve to death,
Source: globeandmail - 🏆 5. / 92 Read more »