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

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.

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