Steep Drop For Crude Oil.
London, Thursday, 17 November 2022
Thursday saw a 4% decline in WTI crude futures to about $82 per barrel, compounding losses from the previous session as a deteriorating demand forecast once again took centre stage.
Coronavirus outbreaks reoccurring in top consumers The world's largest crude importer's future for demand is now uncertain as China shattered hopes for a probable end to its zero-Covid policy.
On the supply side, after a brief power outage, flows via the Druzhba pipeline, which transports Russian oil to Hungary, had resumed.
However, investors continued to be wary of future supply disruptions as OPEC is anticipated to maintain restrict supply while the European Union is slated to block Russian oil flows starting in December.
(Report by: The Decision Maker – Finance editors)