WTI rebound crosses $77.00 as China-linked fears ease, EU struggles over Russian oil price cap – by anilpanchal7 Oil WTI OPEC RussianFederation China
Downbeat daily infections, support measures for real-estate firms favor markets in China and abroad.
The commodity’s latest rebound could be linked to the market’s cautious optimism as well as speculations that the OPEC+ will aim for production cuts during the next meeting. Also keeping the energy buyers hopeful is the European Union’s struggle to announce a price cap on Russian crude oil exports. Elsewhere, Reuters quoted an anonymous diplomat from the bloc to highlight the deadlock surrounding the European Union’s push for restricting the price of Russian oil. “European Union governments failed to agree on Monday on a price cap on Russian seaborne crude oil, as Poland insisted that the cap had to be set lower than proposed by the G7 to cut Moscow's ability to finance its invasion of Ukraine, diplomats said,” reported Reuters.
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