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Oil prices rose about 1% on Tue after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market. However, prices pared gains late in the session after Bloomberg reported that the EU watered down its latest sanctions proposal for a price cap on Russia's oil exports by delaying its full implementation and softening key shipping provisions. down its latest sanctions proposal for a price cap on Russia's oil exports by delaying its full implementation and softening key shipping provisions. The bloc proposed adding a 45-day transition to the introduction of the cap, according to Bloomberg.
A EU ban on Russian crude imports is set to start on Dec 5, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices.
"The price cap is turning out to be an enabling device for western countries to keep Russian crude on the market," said John Kilduff, partner at Again Capital LLC in New York. "The big crux of this market has been whether or not we will lose meaningful amounts of crude and refined products from Russia and that still has not happened."
Brent crude rose 1% to settle at USD88.36. WTI crude was up 1.1% at USD80.95.
The denial by Saudi Arabia, UAE, Kuwait and Algeria that OPEC+ are considering boosting output supported prices.
Concerns over oil demand in the face of the Fed's interest rate hikes and China's strict COVID lockdown policies also tempered prices. Beijing shut parks, shopping malls and museums on Tue and more Chinese cities resumed mass COVID testing. The Chinese capital on Mon warned that it is facing its most severe challenge of the pandemic and tightened rules for entering the city. Analysts now are cutting forecasts for China's year-end oil demand.