FAST FIVE: Oil Prices Are About To Reverse Course

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Despite these statements that suggested oil prices should move higher, oil fell for much of the week.

The bad news is that even in a recession, oil prices can go higher, and this is exactly what some of those banks that kept JP Morgan company at last week's Congress hearing expected.

It's worth noting that this is a downward revision of the bank's price outlook for the fourth quarter, which happened two weeks ago, prompted by growing recession fears.

They would rebound because of the greater demand for oil products for electricity generation and because of tighter overall markets as the US ends its SPR oil sale program.

On the fundamental front, the G7 is pushing ahead with the oil price cap, even though Russia said that it would simply not sell oil to a country enforcing a price cap.

Categories: ZH