Crude oil prices will likely react to the upcoming rate decision from the U.S. Federal Reserve, decisions from OPEC+ and an agitated Russia.
Crude prices will likely react to the upcoming rate decision from the Federal Reserve, decisions from OPEC+ and an agitated Russia.Crude oil prices this week will likely react to the upcoming rate decision from the U.S. Federal Reserve and decisions from the OPEC+ group, but don’t discount a renewed geopolitical risk premium coming from Russia, analysts said.
Jeff Mower, director of oil news for the Americas at S&P Global Commodity Insights, said that puts his focus squarely on the U.S. Federal Reserve, which meets Wednesday to announce its next rate decision. We’ll see if there’s enthusiasm apparent in the remaining fourth-quarter earnings reports. While Halliburton, an oil field services firm, seemed to emphasize shareholder returns over new investments on exploration and production, Baker Hughes said it was expecting an uptick in capital spending from upstream.
But without more crude oil, there’s a premium on refined petroleum products such as diesel, fuel oil and gasoline. The Council of the European Union on Friday opted to extend “the restrictive measures targeting specific sectors” of the Russian economy for six months and further noose-tightening is set for February.
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