Crude futures continued to decline on Monday, closing more than 2% lower amid concerns over rising interest rates from the world’s leading central banks and Russia’s ability to export large quantities of oil despite sanctions.
- WTI crude futures dropped $1.78, or 2.23%, to close at $77.90 a barrel.
- Brent crude futures fell $1.76, or 2.03%, to $84.90 a barrel.
This week, three top central banks, including the US Federal Reserve, the European Central Bank, and the Bank of England, will meet to discuss monetary policy with analysts expecting the Fed and the ECB to raise interest rates by 0.25% and 0.50%, respectively.
Investors are avoiding risky assets due to concerns over slowing oil demand from rising interest rates, and crude futures were also weighed down by reports of Russia’s ability to export oil despite the European Union’s ban on oil imports and measures taken by G7 countries to cap oil prices from Russia.
Russian President Vladimir Putin held a telephone conversation with Saudi Crown Prince Mohammed bin Salman to discuss cooperation in stabilizing global oil markets, as well as cooperation in politics, trade, economy, and energy between Russia and Saudi Arabia.
The Joint Ministerial Committee of the Petroleum Exporting Countries and Allies will convene on February 1 and is expected to maintain its current policy of cutting production by 2 million barrels per day until 2023.
The Spot Market is Open
Tuesday, January 31, 2023
| Energy Updated at | USD Price | Change | %Change |
| Crude Oil 10.10 | 77.72 | -0.18 | -0.23% |