Oil Prices Could Soon Break $100 As Upside Risk Grows

Despite global economic headwinds, oil prices could soon return to above $100 per barrel again, sooner than analysts thought two months ago. While slowing economies and fears of recession have weighed on oil prices for months, the OPEC+ cuts as of this month and the EU embargo on imports of Russian crude by sea from next month—and of Russian oil products from February 2023—could overtighten the market and send oil above $100 a barrel again. China’s Covid policy and its possible easing at some point next year will also be closely…