– economists at the Bureau for Economic Research have flagged a volatile oil and currency market for the weeks ahead.
“The one-month forward Brent crude oil price declined by almost 8% week on week as markets await more clear signs that the reopening of China is resulting in higher demand for oil,” the group said. A European ban on seaborne imports of Russian oil products in response to the war in Ukraine came into effect on Sunday. The measure is coupled with a price cap similar to one in effect for crude and designed to curb Moscow’s revenues while enabling products to flow to third countries.
The rand, meanwhile, continues to feel the pressure as local economic prospects dwindle in the face of load shedding and no near-term resolution to the energy crisis.
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