Oil futures fell early as the dollar firmed on the Federal Reserve’s hawkish stance, but concerns over looming supply risks kept a floor under prices. | Reuters
“With the Fed confirming a higher peak in rates, a darkened global economic outlook could continue to pressure the oil’s futures markets,” Teng added.The European Union’s embargo on Russian oil for its invasion of Ukraine is set to start on Dec. 5 and will be followed by a halt on oil product imports in February.
Also likely to keep supply tight in coming months, OPEC producers may struggle to hit previously set output quotas, ANZ analysts said in a note. Output from the Organization of the Petroleum Exporting Countries fell in October for the first time since June. On the demand side, any indication of a reopening in China following COVID-19 restrictions could be a “monster pivot”, said Stephen Innes, managing partner of SPI Asset Management.
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