Oil Prices Underpinned By Supply Jitters ...Middle East

U.S. West Texas Intermediate crude oil futures are up over 3% for the week with most of the gains attributed to the European Commission’s decision to place an embargo on Russian crude oil. This move is perceived as bullish because it lowers the available supply. Demand is still a concern due to China’s COVID-related shutdowns, but conditions seem to be holding steady, which brings the country closer to gaining control of the situation and perhaps lifting restrictions sooner than expected. Nonetheless, the lockdowns have taken their…

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