A look at the morning’s market action
activity in the mining and energy sectors have offset the need for outsized cuts to annual payments made in early December.
The day range on Brent was US$85.26 to US$86.69 in the early premarket period. The range on West Texas Intermediate was US$79.86 to US$79.62. “Hence, oil is catching a bit of updraft. However, with the possibility of full-scale lockdowns in Beijing presenting a real-time overhang, I would be surprised to see traders holding too much weekend risk.”
“If the cap is too high, Russian revenues will be less impacted and have little effect on Russian exports, but oil prices may fall,” Mr. Innes said.
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