Oil Prices On Course For A 10% Loss This Week

Crude oil prices are about to book a week of sizeable losses, during which market movements erased all gains Brent and West Texas Intermediate had made since the start of the year. According to Bloomberg, the cumulative weekly loss for the benchmarks could reach 10 percent if today’s trade is in line with what we’ve seen so far this week, as demand concerns trumped the news of China reopening after massive Covid restrictions. At the same time, even though the price cap on Russian oil that G7 put into effect on December 5 was theoretically…