Both WTI and Brent are seeing sharp losses. CL is down and heading close to $105. Hourly candles shown below:
While there are the usual suspects that can be pointed to:
- recession fears (and thus demand destruction)
- China demand still languishing as the country addresses COVID in its very strict manner
- Discussions are proceeding on capping the price of Russian oil
- OPEC to increase production beyond the 400K-odd bbls per day
All these are known and not fresh news.