Oil prices may rebound towards the end of 2022 as supply is expected to tighten further when a EU embargo on Russian oil takes effect in December
London — Oil prices rose on Monday as Iranian nuclear talks appeared to hit obstacles and an embargo on Russian oil shipments loomed, with tight supply struggling to meet still robust demand.
Prices were little changed last week as gains from a nominal supply cut by Opec+ were offset by lockdowns in China, the world’s top crude importer. Global oil prices may rebound towards the end of 2022 as supply is expected to tighten further when a EU embargo on Russian oil take effect on December 5.
In more bearish news for markets, China's oil demand could contract for the first time in two decades this year as Beijing’s zero-Covid-19 policy keeps people at home during holidays and reduces fuel consumption.
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