Oil prices remain stable in anticipation of economic data release this week. Markets intend to assess the potential of a recession before taking any actions.

After a notable growth of more than 8% last week, a decline in WTI oil to the level of $79 was registered on Monday.

Analyst at Macquarie Group Vikas Dwivedi believes that oil will not reach $100 per barrel in 2023. James Davis, the Head of Upstream Oil at FGE, also projects the price of oil below this level, around $72 per barrel.

From February 5, the G7 and European Union will impose a cap on Russian petrochemicals. The import of Russian fuel will also be restricted.

American energy corporation Chevron and Italian oil and gas major Eni said that they had discovered new gas deposits. It is located on the eastern part of the Mediterranean Sea at the Egyptian offshore zone.

Qatar's energy minister predicts strong fluctuations in gas markets over the next few years due to high demand and insufficient supply.

U.S. Special Presidential Envoy for Climate John Kerry said that natural gas could play an important role in solving the problem of global warming.

The last two months of 2022 showed a new high for Iranian oil exports.

A number of important economic data and central bank meetings from all over the world are expected this week. Because of this, gold continues its rise on Monday.

The majority of analysts, in general, are optimistic about the silver rate. However, some suppose that it will increase twice by the end of the new year.