Credit: Maximov Denis/Shutterstock Oil Rises in Volatile Week as Traders Speculate on OPEC+ Policy
Oil staged a sharp rebound after hitting its lowest level since 2021 on Nov. 28, with demand prospects improving due to the scaling back of China's COVID policy following protests.
December 02, 2022 at 12:13 PM
2 minute read
Oil was on track for its biggest weekly gain in almost two months, after a volatile week marked by China loosening COVID restrictions and speculation on OPEC+ output policy.
Front-month volatility jumped to 53% earlier this week, the highest since September, with crude trading in a $10 range. Speculation of OPEC+ output cuts sent crude swinging as traders tried to foretell what the cartel might decide over the weekend. Prices got a boost as China, facing extraordinary unrest, began to ease COVID-zero policies, aiding the outlook for energy consumption.
The gyrations have become too much for many traders to stomach. Open interest for WTI stands at the lowest since 2014. Analysts say the liquidity crisis will continue as positions continue to be closed out before year end.
Oil staged a sharp rebound after hitting its lowest level since 2021 on Nov. 28, with demand prospects improving due to the scaling back of China's COVID policy following protests. The rally was aided by broader market sentiment reacting optimistically to signals from Federal Reserve officials that the pace of interest-rate hikes will slow.
However, faster-than-expected U.S. employment growth figures sent the dollar surging, limiting crude's gains Friday. The world's largest economy added 263,000 jobs in November, reigniting fears that the Federal Reserve will tighten further to slow down growth.
Julia Fanzeres reports for Bloomberg News.
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