Oil trades steady after rising a week

Monday morning oil trading shows little change against Friday, marking a softening of last week’s upward trend prompted by OPEC+ signaling output cuts while markets also brace for coming EU sanctions.
Photo: Jacob Ehrbahn
Photo: Jacob Ehrbahn
BY MARKETWIRE, TRANSLATED BY DANIEL FRANK CHRISTENSEN

A barrel of European reference oil Brent sells for USD 97.03 Monday morning CEST against USD 97.24 Friday afternoon. US benchmark West Texas Intermediate trades concurrently for USD 91.80 relative to USD 91.41.

Indies for both Brent and WTI last week showed the largest percent increases since March after the Organization of Petroleum Exporting Countries and OPEC+ allies decided to cut monthly output with 2 million barrels per day.

Markets also brace for uncertainty coming when the EU sanctions on Russian crude and petroleum products enter force in December and February, respectively, reports Reuters.

”The cut is clearly bullish. However, there is obviously still plenty of other uncertainty in the market, including how Russian oil supply evolves due to the EU oil ban and G-7 price cap, as well as the demand outlook given the deteriorating macro picture,” the news agency cites ING analysts noting.

Following the cartel’s meeting as well as the outlook to further sanctions, many banks and mortgage credit institutions have raised prognoses, now projecting Brent to pass the 100 dollar mark within the coming months.

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