26 December 2022 | Other

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: 10.11.2025 Expectation: 1300 pips
Selling GBPUSD down to 1.30160
Today at 10:28 AM 1
Period: 14.11.2025 Expectation: 300 pips
Golden cross signals potential gas rally
Today at 08:51 AM 8
Period: 11.11.2025 Expectation: 600 pips
USDCAD is poised to test six-month high at 1.417
Yesterday at 10:53 AM 37
Period: 30.04.2026 Expectation: 11000 pips
GBPUSD selloff on weaker UK economic data
Yesterday at 09:10 AM 19
Period: 31.12.2025 Expectation: 3000 pips
Selling EURUSD with 1.1350 in view
Yesterday at 08:15 AM 27
Period: 07.11.2025 Expectation: 2100 pips
Silver set to resume downtrend after correction
01 November 2025 112
Go to forecasts