Oil prices were poised to stabilize on Friday as market participants, while concerned about strong inflation, are optimistic that energy demand in China could increase.
- WTI crude futures were up 43 cents, or 0.5%, at $85.98 a barrel.
- BRENT crude futures fell 3 cents, or 0.03%, at $92.38 a barrel.
Brent is expected to increase by 0.7% on a weekly basis, while WTI is expected to decrease by 1.3%.
Patrick Harker, president of the Federal Reserve (Fed) of Philadelphia, said that to fight inflation, the Federal Reserve is trying to slow the economy and will continue to raise its target for short-term interest rates.
Meanwhile, Beijing is considering shortening the quarantine period for visitors from 10 to seven days.
China, the world’s largest crude oil importer, is still implementing measures to rigorously control COVID-19 this year. This has had a huge impact on business and economic activity. As a result, demand for fuels has declined.
The impending ban on Russian crude oil and oil products in the EU, as well as production cuts by the Organization of Petroleum Exporting Countries and its allies, including Russia, have supported prices recently.
OPEC+ agreed in early October to cut production by 2 million barrels per day.
The Spot Market is Open
Friday, October 21, 2022
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 13.00 | 84.50 | -0.01 | -0.01% |