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The energy sector is off to a higher start, supported by strength in the underlying commodities and in the major equity indices. U.S. stock index futures rose in choppy trading after an increase in the October unemployment rate supported expectations that the Federal Reserve could deliver smaller rate hikes starting in December.
WTI and Brent crude oil futures are up in early trading as the dollar eased, with an EU ban on Russian oil looming large and investors weighing the prospects for an easing of China's COVID curbs. While demand concerns weighed on the market, supply is still expected to be tight, with Europe's upcoming embargoes on Russian oil starting and a slide in U.S. crude stockpiles. The Group of Seven rich nations and Australia have agreed to set a fixed price when they finalize a price cap on Russian oil later this month, rather than adopting a floating rate. U.S. officials and G7 countries have been in intense negotiations in recent weeks over the unprecedented plan to put a price capon sea-borne oil shipments, which is scheduled to take effect on Dec. 5 - to ensure EU and U.S. sanctions aimed at limiting Moscow's ability to fund its invasion of Ukraine do not throttle the global oil market.
Natural gas futures are trading higher on forecasts for much colder weather and higher heating demand in mid-November than previously expected.
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