Energy Preview: Crude Oil Steadies Near $80 Per Barrel

22 Nov 2022 , 09:14 AM

Crude oil steadied near $80 per barrel on Tuesday, recovering from overnight losses after reports stated OPECs de facto leader Saudi Arabia and OPEC+s other members are discussing an oil production increase. Meanwhile, the demand outlook stays subdued by resurgent virus outbreaks in top crude importer China that prompted authorities to reinstate some Covid restrictions. COVID-19 resurgence in China increased concerns that Beijing may reimpose strict pandemic curbs and that further restrictions could cause supply chain disruptions. Dollar weakness supported gains in the commodity. WTI crude prices were currently up 0.37% at $80.33 per barrel. Powered by Commodity Insights