Oil prices seem to be getting cemented above $100 despite the latest fluctuations prompted by Covid-related lockdowns in China that have spurred uncertainty about demand. This downside risk has been offset by the pending embargo on Russian oil that the European Union is discussing. The embargo would see more than 3 million barrels daily in crude oil and fuels taken off the market later this year, with few alternative sources of supply on such a scale.
Another factor keeping prices where they are is OPEC+, which has refused to try and compensate…Has Oil Found A Bottom At $100?
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