Brent has flirted with a run at $100 a barrel this week, spurred by final week’s optimism that China would ease its Covid Zero technique, together with a weakening US greenback. Goldman Sachs mentioned that the dangers to grease costs stay on the bullish facet, with world inventories depleted and spare capability restricted.
“Focus has slowly however certainly shifted a bit towards demand, with China speaking about exiting the Covid technique as soon as extra,” mentioned Hans van Cleef, senior vitality economist at ABN Amro. It’s “tough to interrupt increased as recession dangers nonetheless cap the upside potential whereas, on the identical time, the danger of decrease provide is offering some assist.”
PRICES:
- WTI for December supply fell 1.3% to $90.63 a barrel at 10:34 a.m. in London
- Brent for January settlement was 1% decrease at $96.93 a barrel
Share This:
