West Texas Intermediate futures flipped between gains and losses near US$85 a barrel after earlier adding as much as 1.5 per cent. In a speech on Sunday opening the 20th Communist Party congress, Chinese President Xi Jinping signaled no change in direction for China’s strict COVID Zero policy, a strategy that has dragged on its economy this year.
Sluggish growth in China has added to a raft of bearish factors for oil, including aggressive monetary policy by central banks to try and tame inflation and a stronger U.S. dollar. That’s overshadowed oil production cuts from the OPEC+ alliance that take effect from November. The International Energy Agency last week warned that the output curbs could tip the global economy into recession, while the U.S. criticized the cuts. White House National Security Adviser Jake Sullivan said options for re-evaluating US-Saudi relations include “changes to our approach to security assistance.” He spoke Sunday on CNN’s “State of the Union.”
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