WTI Light Crude Oil

WTI Light Crude Oil

The focus is on the OPEC+ meeting and the entry into force of bans related to the import of Russian oil.

The U.S. Congress has ordered the sale of a part of the Strategic Petroleum Reserve to replenish its emergency reserve. The Biden administration opposed it.

Oil prices declined during early Asian trade on Friday as the U.S. dollar cut its losses slightly. In turn, easing of COVID-19 restrictions in two Chinese cities compensated for the strengthening of the dollar.

In November, exports of crude oil from Saudi Arabia dropped significantly due to a critical decrease in supply to the U.S. and China. According to Bloomberg, the total volume of oil supplies fell to about 7.1 million barrels per day.

On Thursday, the European Union (EU) proposed a cap on Russian oil prices of $60. U.S. Treasury Undersecretary Wally Adeyemo supported the proposal.