Morocco: the oil game at the rendezvous, prices are rising again
Oil is rising with speculation about China and OPEC+. Crude oil prices rose again at the end of Monday’s session, then during the morning session of Tuesday, November 29, 2022, due to forecasts of a further decline in oil production by the OPEC + alliance. The latter will hold a meeting on December 4 to discuss developments in the global oil market and crude demand expectations in light of existing economic and health scenarios.
China is experiencing an escalation of shutdowns, in light of the highest number of coronavirus infections recorded this year, meaning lower demand for energy in factories. In Tuesday morning’s trading, Brent futures for February delivery rose 1.68%, or $1.40, to $85.30 a barrel.
U.S. West Texas Intermediate crude futures for January delivery also rose 1.51%, or $1.24, to $78.50 a barrel. The global oil market is under pressure, despite the impending embargo on Russian maritime oil, the coronavirus pandemic in China and fears of a possible recession in the global economy.
Moreover, China has decided to accelerate the vaccination of the elderly against Covid-19, two days after historic demonstrations against health restrictions and for more freedoms.
This announcement “is the first indication that Beijing could consider a relaxation of its draconian policies to fight against Covid”, continues the analyst, the insufficient rate of vaccination in China, especially among the elderly, being one of the arguments put forward by the government to justify the “zero Covid”.
Miss OLY
