Volatile day of the oil market; $79.08 per barrel

According to Fars International Economic Group, quoted by Reuters, the price of oil in today’s trading is constantly fluctuating due to the hope of improvement in demand from China, as well as instability on how to apply the price ceiling for Russian oil.

On the other hand, the hope of improving demand in China raises the price of oil, but the instability caused by the imposition of a price ceiling on Russian oil keeps it on the edge of price reduction.

At the time of publication of this news, Brent oil was sold with a decrease of 37 cents to 79.08 dollars, and a barrel of American crude oil was sold with a decrease of 33 cents to 73.92 dollars.

Brent oil will fall below $80 per barrel for the third time in 2022. Yesterday, Brent oil had the biggest daily decline since late September.

Expectations for increased demand from China continue to be a positive driver for the market, as China recorded fewer new cases for the second day in a row and announced sweeping changes to its strict coronavirus policy.

Market analysts say that the reopening of China will lead to a one percent increase in oil demand in the world.

However, uncertainty over how the price ceiling for Russian oil exports will be implemented will affect world oil supply.

The economic newspaper “Vedomosti” wrote in a report today that Russia is considering 3 options to deal with the price ceiling set by Western countries, which include banning the sale of oil to some countries and providing the highest discount for the sale of its crude oil. Is.

“These days, there is still a lot of uncertainty in the markets,” said Claudio Galimberti, senior vice president of Rystad Energy.

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