Whats driving OilHere's what they say is driving Oil and it sounds like one of my posts.
WTI crude futures were trading around the $85 per barrel level as investors weighed a weakening global economic outlook against tighter supplies. Investors have been growing worried about a deteriorating outlook for demand amid intensifying macro headwinds, including high inflation, tighter financial conditions, Russia’s invasion of Ukraine, and the ongoing coronavirus pandemic. The US Federal Reserve’s aggressive tightening campaign against runaway price growth, a stronger dollar, and China’s Coronavirus-induced restrictions have also been limiting any upside move. Putting a floor under prices were growing concerns about tighter global supplies as OPEC and its allies, including Russia, agreed to cut production further ahead of the European Union embargo on Russian oil.