WTI fails to justify OPEC’s Oil demand optimism around $79.00 amid risk-off mood – by anilpanchal7 Oil OPEC WTI Commodities RiskAppetite
Tensions surrounding unidentified objects, hawkish Fed weigh on commodity prices.US inflation data will be crucial for clear directions.pares the previous day’s gains around $79.00, down 1.22% intraday during early Monday, as energy buyers fail to ignore the broad risk-off mood. In doing so, the black gold also falls short of cheering the price-positive news from Russia and the Organization of the Petroleum Exporting Countries .
Russia will cut crude oil production by half a million barrels per day starting in March, mentioned CNN Business. Thealso cites the Western sanctions on Moscow’s energy supply curbs as the catalyst behind the move that propelled Oil prices on Friday. On the same line, OPEC Secretary-General Haitham Al Ghais said over the weekend at an energy conference in Cairo that the cartel “expects global oil demand to exceed pre-pandemic levels in 2023,” reported Reuters.
While the hopes of higher demand and lesser supplies put a floor under the Oil price, the market’s risk-aversion joins the firmer US Dollar to weigh on the commodity prices. Among the key catalysts fueling the US Dollar Index , up 0.20% near 103.80 by the press time, are the fears about the mystery objects flying over the US and China.
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