26 December 2022 | Macroeconomics

Oil rose for the second week in a row, Russia warns of production cuts

Responding to the sanctions, Russia warned about a possible decrease in oil production by almost 700,000 barrels per day. After that, the price of oil reached a three-week high. The increase in the price of oil continues for the second week in a row.

A price cap on Russian oil was accepted in order to maintain the volume of supply and to reduce Russia's revenues. The G7 countries fixed prices at $60 per barrel.

Cold weather covers the U.S., Russia's scare outweighs the effects of winter frosts. Because of the cold weather, crude oil production in North Dakota slowed by as much as 350,000 barrels a day, and on the Gulf Coast in Texas, refining capacity halted by one-third.

Gasoline futures rose to their highest level in three weeks since the refinery shutdown. On the Gulf Coast, gasoline reserves are at record highs for this time of year. Diesel reserves are also above normal. This is a good level for supply.

Company MarketCheese
Period: 20.12.2024 Expectation: 2470 pips
GBPUSD is targeting 1.2300 level as selling pressure increases
Today at 08:20 AM 42
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
2nd in the segment "Currencies"
Period: 29.11.2024 Expectation: 800 pips
Silver buyers get ready to test 31.5 level
Yesterday at 11:27 AM 75
Gold sell
Period: 01.12.2024 Expectation: 8110 pips
Gold loses ground as demand for safe haven assets wanes
Yesterday at 10:04 AM 179
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 29.11.2024 Expectation: 700 pips
AUDCAD does not exit downward trend lines
22 November 2024 55
Period: 02.12.2024 Expectation: 560 pips
Brent oil on its way up after exiting bilateral pattern
22 November 2024 187
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
2nd in the segment "Currencies"
Period: 26.11.2024 Expectation: 2840 pips
Selling USDJPY with target at 152.00 influenced by BoJ policy
21 November 2024 108
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Go to forecasts