Crude Oil Near 2022’s Low
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Crude and Brent oil prices continue to struggle on the first trading day of the week as investors are apprehensive about the COVID related issues that are emerging in China. Demand, a potential recession and now the COIVD issues in China are making things difficult for oil traders.
The reality is that no one wants to see more lockdowns in China, as a situation like this creates nothing but more headwinds for oil prices.
Nonetheless, OPEC’s meeting remains the main anchor for oil prices this week. Oil prices are likely to remain highly volatile as prices are likely to react to all kinds of rumors. So far, what is priced in the market is that OPEC and its allies aren’t going to increase any production. Anything which deviates from this could make the price swing
Crude Oil Weekly Chart
