Crude oil prices have been active. With the United States likely transitioning into a recession, global oil demand is expected to remain cautious. China is also easing its stringent COVID-19 policies, which should increase demand. The OPEC nations kept their output quotas unchanged. Standard Grain market analyst Joe Vaclivik is also watching the decision by Western countries to cap Russian oil export prices at $60 per barrel. “The G7 nations say they’re going to cap the price of Russian oil, but Russia says they’re not going to ship to anybody who implements the cap so I think the market is torn on that.”
