Oil Market Watchers Eye Russia, China, USA Interchange
(The views and opinions expressed in this article are those of the attributed sources and do not necessarily reflect the position of Rigzone or the author)
In this week’s preview of what to watch in oil and gas markets, Rigzone’s regular energy prognosticators take a look at the ongoing political interchange between Russia, China and the U.S., potential oil price pressures, continuing market volatility and more. Read on below to find out the specifics.
Rigzone: What developments/trends will you be on the lookout for this week?
John Stilwell, Principal, Grant Thornton LLP: With continued near-term volatility, we are closely monitoring additional macro factors that will significantly impact market forces. The primary factor we are monitoring is the ongoing geopolitical interchange between Russia, China and the U.S. Russia’s invasion of Ukraine intensified oil markets, pushing crude up by about 30 percent this year. This was primarily based on concern that Russian oil would be cut out of global trade. Several immediate variables are in play including President Joe Biden’s recent discussions with Chinese leader Xi Jinping, House Speaker Nancy Pelosi’s planned trip to Taiwan, and House Minority Leadership calls for bipartisan presence in Taiwan and Chinses diplomacy. Calls for further sanctions that could impact the recent Chinese import surge of Russian crude could leave Beijing competing intensely with other large buyers, further pressuring prices.
Barani Krishnan, Senior Commodities Analyst at uk.Investing.com: More volatility in crude, ending with lower highs and lower lows.
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