Oil Prices Under Pressure But Bullish Catalysts Loom

December WTI crude oil futures are edging higher late Thursday, but struggling to turn higher for the week. The price action has been volatile throughout the week especially today when traders were asked to deal with an aggressive Federal Reserve rate hike from the previous day, a wicked trade in the U.S. Dollar due to a Bank of Japan intervention, and a smaller than expected rate hike by the Bank of England. When the dust finally began to clear, the prospect of higher Chinese demand and geopolitical risks fueled by an escalation of the war in…