Crude oil prices rebounded by more than 1% in early Asia on Friday following a sharp decline of more than 3% overnight on demand worries as China struggles to get its Covid cases under control within its zero-Covid policy. Further, dollar strength on comments from St. Louis Federal Reserve President James Bullard that a basic monetary policy rule would require interest rates to rise to at least around 5%, while stricter assumptions would recommend rates above 7%, further weighed on oil prices. WTI crude futures were up almost 1% at $82.14 per barrel at the time of writing. Meanwhile, the worlds largest crude oil exporter, Saudi Arabia, has started to slash its crude exports after OPEC+ is now reducing its overall target production by 2 million barrels per day (bpd).Powered by Commodity Insights
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