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UCO provides 2x the daily return of an index of futures contracts of WTI crude.

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Chinese cities eased COVID-19 curbs over the weekend. However, OPEC+ decided to hold their output targets steady.

Oil Price Fundamental Daily Forecast – Supported by Easing COVID Restrictions, Capped by OPEC+ Decision

OPEC said on Sunday it would stick to the oil production target the group set in October — to slash output by 2 million barrels per day.

Oil prices surge as OPEC maintains production cut targets and China's thawing Covid-zero stance sparks hope of demand recovery

OPEC+ ministers say they are not changing their policy of cutting oil production amid uncertainty about the impact of new Western sanctions against Russian oil.

OPEC+ agrees not to increase oil production amid slowing economy, Russian sanctions

Oil prices inched up in early trade after OPEC+ nations reaffirmed their oil output targets ahead of a European Union ban and price caps on Russian crude, which kick off on Monday.

Oil rises after OPEC+ holds oil output targets, China eases COVID curbs

The Saudi-led OPEC oil cartel and allied producers including Russia did not change their targets for shipping oil to the global economy amid uncertainty about the impact of new Western sanctions against Russia that could take significant amounts of oil off the market.

No OPEC+ oil shakeup as Russian price cap stirs uncertainty

Group led by Saudi Arabia and Russia also faces slowing demand in China.

OPEC+ Keeps Oil Curbs Despite Russia Price Cap

OPEC and its allies decided Sunday to stick with their existing policy of curtailing oil output, just hours before new Western sanctions on Russian crude exports come into force.

Its allies will continue to restrict supply as the West tightens sanctions on Russian oil

The cap Russian oil prices as well as OPEC members like Iraq and Libya are upside risks next year, Bank of America said.

Oil prices may hit $110 a barrel in 2023 but Russia risk could 'turbocharge' them even higher, BofA says

Oil prices have fallen to roughly $87 a barrel from more than $120 in early June ahead of potentially disruptive sanctions on Russian oil

OPEC+ agrees to stick to its existing policy of reducing oil production ahead of Russia sanctions

Uncertainty ahead of an OPEC+ meeting on Sunday and a European Union ban on Russian crude oil on Monday encouraged traders to trim positions.

Crude Oil Price Update – Sentiment Shifts to Downside Ahead of OPEC+ Decision, Russian Oil Ban

Oil futures finished with a loss on Friday, but ended higher for the week. The rebound in crude-oil prices recently is due to “some optimism that even though China is battling rising COVID rates, authorities will be much more flexible in how they implement restrictions and lockdowns,” said Michael Hewson, chief market analyst at CMC Markets UK.

Oil futures settle lower ahead of the OPEC+ meeting and EU ban on Russian oil

Russian oil revenues aren't likely to take a major hit, but it's significant that Western allies have stuck together, Rachel Ziemba writes.

At $60, the Cap on Oil Prices Will Build Pressure on Russia

Crude oil markets have bounced from a support level during the course of the week, showing that we are perhaps at least trying to bottom.

Crude Oil Weekly Price Forecast – Crude Oil Markets Bounce From Support

Crude oil markets have done very little during the Friday session as we continue to see a lack of follow-through on rallies.

Crude Oil Price Forecast – Crude Oil Markets Have Quiet Session into the Weekend

The wildcard remains the OPEC+ decision. Prices could spike higher if they surprise with fresh output cuts.

Oil Price Fundamental Daily Forecast – Subdued Trade Ahead of OPEC+ Production Decision on Sunday

OPEC+ is likely to stick to its current oil output target when it meets on Sunday, two OPEC+ sources said on Friday, although some say a further output cut is not completely off the table given concern about economic growth and demand.

OPEC+ seen heading for oil policy rollover, cut not ruled out

The European Union and the Group of Seven advanced economies are awaiting word on whether Poland will agree to a $60-a-barrel price cap on Russian oil that is supposed to take effect Monday.

EU, G-7 Wait on Poland to Advance Russian Oil-Price Cap

Oil futures ticked lower Friday as investors awaited a pair of events: a Sunday meeting of the Organization of the Petroleum Exporting Countries and its allies, and the Monday kickoff of European Union ban on Russian crude imports.

Oil prices tick lower ahead of OPEC+ meeting, Russia ban

Poland has reportedly asked for more time to sign off on a cap of $60.

Oil Edges Down as EU Prepares to Sign Off on Russian Price Cap

OPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy.

OPEC+ to consider deeper oil output cuts ahead of Russia sanctions and proposed price cap

Oil prices inched higher in Asian trade on Friday on hopes for further relaxation of COVID curbs in China, which could help demand recover in world's second biggest economy, though a firmer U.S. dollar capped gains.

Oil prices edge higher on easing COVID curbs in China, firm dollar limits gains

Prices have been supported by a weaker U.S. Dollar and hopes for improved fuel demand in China after COVID-19 curbs were eased in two major cities.

Crude Oil Price Update – Weak Dollar, Easing of China COVID Curbs Underpin; OPEC+ Uncertainty Caps Gains

Oil futures climbed on Thursday, with U.S. prices posting their highest settlement in two weeks. Prices got a boost as China moved to ease some COVID-19 restrictions ahead of a meeting of major oil producers set for Sunday.

U.S. oil futures end at highest in 2 weeks

Oil has been particularly volatile, with U.S. prices touching their lowest level of the year and then rallying by more than 10% in a matter of days, making a decision by major oil producers this weekend even more difficult.

Oil-price volatility complicates Sunday's OPEC+ decision on production levels

Gold is testing resistance at $1800. WTI oil managed to settle above the $82.00 level.

News for ProShares Ultra Bloomberg Crude Oil ETF (UCO)