Yahoo Finance's Ines Ferré breaks down the latest moves in the oil market as OPEC+ hits at a production cut.
(Bloomberg) -- Oil climbed above $84 in its biggest intraday gain since July as the OPEC+ alliance considers slashing production to revive prices when it meets this week.Most Read from BloombergCredit Suisse Turmoil Deepens With Record Stock, CDS LevelsTesla Slumps as Deliveries Disappoint Due to Shipping SnarlsOPEC+ Set to Discuss 1 Million-Barrel Output Cut as Demand SlowsCredit Suisse Market Turmoil Deepens After Memo BackfiresStocks Stage Oversold Comeback as ISM Sinks Yields: Markets WrapOP
Chinese refiners are likely to boost refined oil products exports in the last two months of 2022 and into early 2023 after receiving the biggest allocation from Beijing this year, trade sources and analysts said on Monday. The increase in Chinese exports is likely to help stabilise global oil markets and partly replace supplies from Russia which will be hit by European Union embargoes in coming months. "A ramp-up in product exports from China will support energy-starved oil markets considerably as there are concerns about an impending EU embargo on Russian supplies," said Sugandha Sachdeva, vice president of commodity and currency research at Religare Broking.