Energy Preview: Oil Recovers In Early Asia

6 Dec 2022 , 08:36 AM

Crude oil saw good recovery in early Asia on Tuesday as dollar gave up overnight surge built on the back of improved US data ramping up fears of persistent inflationary pressures, which could keep interest rates elevated for longer than expected. Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, together called OPEC+ have held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. OPEC+ agreed to stick to their October plan to cut output by 2 million barrels per day from November through 2023. The commodity is currently trading at $77.63 per barrel, up 0.9% on the day and having slumped by nearly 4% on Monday. Powered by Commodity Insights