WTI licks its wounds near 2022 low with eyes on China, Russia – by anilpanchal7 Oil WTI China RussianFederation Commodities
That said, the commodity’s rebound could be linked to the geopolitical fears surrounding Russia, as well as hopes of more energy demand from China.
Russian President Vladimir Putin’s threat of using nuclear weapons contrasts with the latest comments from German Chancellor Olaf Scholz suggesting easing the risks of Moscow using nuclear weapons. Furthermore, China’s gradual easing of the Zero-Covid policy appears as a passive reopening and struggles to impress the bulls.
However, Bloomberg came out with the news suggesting more tension between the US and China due to the latest bills the US Congress is up for passing, which in turn tests the oil buyers. “The US is set to pass legislation revamping US policy toward Taiwan and restricting government use of Chinese semiconductors, moves that appear certain to antagonize Beijing even as President Joe Biden seeks to ease tensions,” said Bloomberg.
On the same line could be the recent improvement in the weekly stockpile data from the US Energy Information Administration . That said, the official inventory improved while flashing -5.187M figure for the week ended on December 02 versus -12.58M prior. Above all, growing fears of an economic slowdown could be witnessed in the market’s rush towards risk-safety, as appeared from the rally in the US Treasury bond prices. The same drowns the oil prices, together with the Eurozone’s readiness to cap Russian oil exports and Moscow’s rejection to supply at that price. Furthermore, OPEC+ inaction and the US push for more oil supplies also weigh on the black gold.
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