Views: 3 Author: Site Editor Publish Time: 2022-09-30 Origin: Site
WTI crude traded around $82 a barrel as traders weighed the poor outlook for global economic growth against the possibility of Opec + production cuts. Opec and its Allies will discuss production cuts at a meeting next week, a delegate said, a move that could help stem the recent slump in oil prices. While crude was on track for a weekly gain, futures were headed for their first quarterly loss in more than two years as fears of a potential recession gripped the market. The dollar has surged this month and is now close to an all-time high, making dollar-denominated commodities less attractive to investors. At the same time, however, the structure of the market has firmed up in recent days, suggesting a tighter market. The European Union has announced a new round of sanctions against Russia that will ban European companies from shipping their oil to third countries above internationally set price ceilings. Tensions rose after the suspected sabotage of the Nord Stream gas pipeline.