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Oil prices: stagnation noted on Thursday

25/11/2022
Categories: Raw materials

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Following the prospect of an unrestrictive Russian oil price cap and fears of an economic slowdown in China due to a new Covid-19 surge, oil prices were stagnant on Thursday.

The barrel of Brent from the North Sea for delivery in January fell by 0.25% to $85.20 around 16:45 GMT (17:45 CET). For its part, West Texas Intermediate (WTI) for delivery in the same month, took 0.03% at $77.96. According to Oanda analyst Craig Erlam, the market is focused on capping Russian oil prices.

The European Union and Australia are expected to announce the proposed limit in the coming days, while the coalition of states want to impose this cap, which includes the G7. Vladimir Putin warned on Thursday of “serious consequences for the global energy market” if this measure is adopted.

In a Gulf Intelligence note, Jamie Ingram, an analyst at the Middle East Economic Survey (MEES), asserted that “price caps are an attempt to undermine the impact of the European embargo to allow certain volumes to continue circulating.”

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