Oil retreated as concerns about slowing global growth offset Russia’s plan to curb supply in retaliation for western sanctions. Know more:
Oil retreated as concerns about slowing global growth offset Russia’s plan to curb supply in retaliation for western sanctions.
The White House said Russia’s plan to slash oil output, which was announced on Friday, showed the extent to which President Vladimir Putin is willing to use resources like energy as a weapon. Despite the move, Moscow’s partners in the Opec+ coalition signaled they won’t boost production to fill in for the cutback.
“The slowdown of global growth will be on investors’ minds as we push through 2023 but the challenge is trying to balance that with a China recovery,” said Warren Patterson, head of commodities strategy at ING Groep NV. “We are seeing some profit-taking after the scale of the move last week.”
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