New York West Texas Intermediate (WTI) crude oil futures closed more than 2% lower on Friday (November 25) on concerns over the prospect of a decline in oil demand. continues to slow down the market
The WTI Crude Oil contract is delivered in January. It was down $1.66, or 2.13%, to $76.28 a barrel and was down 4.78% for the week.
The contract for Brent crude oil (BRENT) is delivered in January. It was down $1.71, or 2%, to $83.63 a barrel and was down 4.55% for the week.
Oil prices continue to come under pressure on concerns that a spike in the number of COVID-19 cases in China could trigger lockdown measures. which will affect the demand for oil.
Analysts expect market trading to remain stable ahead of December 5, when the G7 and its allies are expected to cap Russian oil prices.
The oil price cap is a punitive measure for Russia’s military invasion of Ukraine on Feb. 24, which once announced will allow shipping lines of Non-life insurance company and reinsurance companies Cannot provide any oil-related services transport of Russian oil cargoes exceeding the ceiling set by the G7 and its allies.
Investors will keep an eye on the Dec. 4 production policy meeting of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, OPEC Plus, after Saudi Arabia rejected a Wall Street Journal report that OPECPlus was a resolution discussed to increase oil production by 500,000 barrels per day at the meeting.
