Oil futures rose Friday, but remained on track for a weekly fall as investors weigh prospects for Chinese demand and monitor talks over a price cap on Russian crude.
Price actionMarket drivers Crude prices have retreated sharply in November, with weakness attributed in part to disappointment over China’s continued COVID-19 restrictions. The country, one of the world’s largest energy consumers, has continued to impose restrictions aimed at containing the spread of the virus.
... Oil futures rose Friday, but remained on track for a weekly fall as investors weigh prospects for Chinese demand and monitor talks over a price cap on Russian crude. Price action Market drivers Crude prices have retreated sharply in November, with weakness attributed in part to disappointment over China’s continued COVID-19 restrictions. The country, one of the world’s largest energy consumers, has continued to impose restrictions aimed at containing the spread of the virus.
China’s central bank on Friday moved to provide some stimulus to the economy, lowering the amount of deposits banks have to set aside, releasing 500 billion yuan of liquidity.Meanwhile, European diplomats on Wednesday were unable to come to an agreement on a Group of Seven plan to put a price cap on Russian crude, the latest measure aimed at curtailing the country’s economy in response to the invasion of Ukraine.
I lived through the 70's oil crisis. When oil went up and we told opec what the price would be. They told us you can't have any. Gas lines everywhere, limits, gas thieft, everyone bought locking gas caps. But hey it'll work this time!! Trump ended all of this and we had to much