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G7 plans to announce Russian oil price cap on Wednesday

G7 plans to announce Russian oil price cap on Wednesday

Brent crude today touched as low as $85.80 but has since bounced to $87.17. It's near the September low and that's a big level with the OPEC meeting now three weeks away.

The weakness in crude today is curious but likely reflects worries about covid lockdowns and some technical selling.

The big question is what level the G7 will set. Previously, $60 has been floated and perhaps even lower. Russia is already selling oil at a decent discount to brent so I wouldn't rule out $50 or $... Read More

Posted: Nov 18 2022, 16:16
Author Name: forexlive
Views: 110658

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