Crude oil could hit $125 a barrel as Russia's reaction to a US-led price cap threatens to squeeze supply, UBS says
Crude oil could hit $125 a barrel as Russia's response to a US-led price cap plan threatens to tighten...
Crude oil could hit $125 a barrel as Russia's response to a US-led price cap plan threatens to tighten the global market even further, a top UBS commodities strategist has said.
Moscow has said it's prepared to cut its oil output if the G7 nations carry through with the price cap, warning the measure will end up primarily hurting those behind the plan.
Dominic Schnider, head of commodities at UBS Global Wealth Management, said that could pull another 1 million barrels a day at a time when the oil market is already facing a supply squeeze from the OPEC+ decision to slash its production targets.
"As we get further draws, you're going to see prices going up. That simple. And we're looking at $110-$125, that's for us our point of gravity when it comes to crude oil,"he added.
Saudi Aramco to Maintain Full Oil Supplies to Asia Despite OPEC+ Cuts
Saudi Aramco has told at least seven customers in Asia they will...
Saudi Aramco has told at least seven customers in Asia they will receive full contract volumes of crude oil in November ahead of the peak winter season, several sources with knowledge of the matter said on Oct. 10.
The producer is keeping supplies to Asia steady despite likely production cuts by tapping on inventories, the sources said.
The world’s top exporter has also kept November crude prices for Asia largely unchanged against expectations of higher prices as it seeks to maintain market share in the region.
European stocks and US futures fall early Tuesday. Meanwhile, the Bank of England intervened...
European stocks and US futures fall early Tuesday. Meanwhile, the Bank of England intervened in the bond market for the second time in as many days, announcing that it would widen its purchases of UK government bonds, warning that a "fire sale" poses a risk to "financial stability." Here are the latest market moves.
Earnings on deck: AZZ Inc., Voxx International Corp. and more are all reporting.
