- Brent crude traded above $86/Bbl Friday morning amid thin trading volumes following the US Thanksgiving holiday
- Despite trading higher this morning, oil is on track for a third weekly loss; with Brent down $13/Bbl since November 4
- Worries about the demand outlook for oil continues as China’s daily covid infections climbed to a record high. The country reported nearly 30k new cases for Wednesday. China’s zero-tolerance Covid policy has put a dent in oil demand since the pandemic started
- European diplomats extended oil-price-cap talks among disagreements between members (Bloomberg)
- Poland did not agree with the price of $65/Bbl as they viewed it as too generous to Russia
- On the flip side, Greece, a major player in shipping industry, doesn’t want the price to go below $70
- Interestedly, Moscow appears to be softening its position on how it would react to a price cap. Russia had previously said it would not sell oil to any country participating in the price cap.
- “Seeing these numbers, we should analyze all this before formulating our position,” Kremlin spokesman Dmitry Peskov told reporters