Crude prices had come under pressure as concerns about fuel demand were stoked when protests against COVID-19 lockdowns broke out in China. Markets also appeared volatile ahead of an OPEC+ meeting and a looming G7 price cap on Russian oil.
However, the EU embargo on Russian crude imports is effective next month, and a price cap on Russian oil purchases could increase oil prices. For some traders, oil market uncertainties are so significant that they are betting that oil could reach $200 per barrel.
