DOE expects further weakening in oil prices CanadiansInvest
Announcement to back away from replenishing U.S. Strategic Petroleum Reserves in February is a warning sign
Earlier in December, Washington announced it would purchase up to three million barrels of crude oil for February delivery. This was to be the U.S.’ first purchase in months after the release of a record 180 million barrels last year to tame the U.S. markets in a mid-term election year. China’s announcement that it was easing its Zero Covid policy did not lead to an expected rise in crude oil prices, as some of the market’s biggest names had anticipated. In fact, a significant resurgence in energy consumption remains weeks, if not months, away, according to a Bloomberg commentary.
The International Monetary Fund is now warning that a third of the global economy could be in recession in 2023. Worries over the health of the global economy, a synchronized deceleration of the economies of the U.S., Europe, and China, and its possible impact on global crude consumption continue to linger, impacting market sentiments.As demand uncertainty continues to hang, crude oil markets registered a large loss in the first week of trading in the year.
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