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Oil prices fall on profit taking, strong Russian supply

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I have been saying that Russia has been producing more and delivering more Oil and going against everyone who says that Russia's Oil production is declining yet Russia came out recently confirming that Oil production increased in 2022 also saying it in Dec the Oil market is waiting for data showing exactly how much China is consuming now also there's a lot of Oil being dumped into the market by countries like Iran for starters and they're filling China's demand not leaving a lot left to be bought from countries like the US. It was predicted that the first 3 months of China's reopening could be bumpy until solid growth is hit. We can't complain its been a bullish market and as much as there's a prediction of $90 Oil there are also predictions that Oil could trade at $65 maybe next week Oil will be one or the other $78 Oil or $83 


“If Russian supply remains strong heading into next month, oil is probably going to continue to trend lower,” said John Kilduff, partner at Again Capital LLC in New York.


Oil prices fall on profit taking, strong Russian supply | Financial Post