GLOBAL energy markets seem to be moving one step forward and another step back amid the ensuing volatility in crude oil prices, with Dated Brent hovering around $110/b at present. Tight supply-side fundamentals, reflecting low commercially available stocks, and restricted spare capacity are tempering the impact of a recession-induced demand destruction in economies grappling with a weakening outlook amid mounting inflationary pressures.
The G7 meeting last month added an element of uncertainty in an already volatile market, as its leaders gave mixed signals on a proposed international price cap for Russian oil prices in response to the war in Ukraine.
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