Oil up as markets weigh China demand concerns, Russia price cap uncertainty

Oil prices rose in Asia despite thin market liquidity after a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil. | Reuters

Thin liquidity, concerns around China demand and the backdrop of assessing how severe the recession could be are the key price drivers so far, said Virendra Chauhan, head APAC analyst at Energy Aspects.

China on Friday reported a new daily record for COVID-19 infections, as cities across the country continued enforce mobility measures and other curbs to control outbreaks. On the Russian oil price cap, G7 and European Union diplomats have been discussing levels between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow’s military offensive in Ukraine without disrupting global oil markets.

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