Oil market developments: Saudis to lower prices for Asia, US Biden expected to release more SPR
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
A series of news regarding the oil sector has come out in early Asia which may have an impact on the price of oil in the coming sessions.
Firstly, the US Department of Energy said it sold 15 million barrels of oil from the Strategic Petroleum Reserve which has completed the last batch of the largest-ever release from the stockpile. therefore, US President Joe Biden will be expected to release more. Additionally, the Saudis have said they will lower oil prices for Asian customers next month. This news dropped at the same time that the G7 agreed to fix a price cap on Russian oil.
Meanwhile, US oil declined on Thursday, with prices pressured by strength in the US dollar and concerns that aggressive rate hikes by Federal Reserve will lead to an economic recession. At the time of writing, WTI is trading at $87/95bbls.
[/s2If]
Join Our Telegram Group
