Oil rebounds as China demand recovery optimism supports prices

Oil rebounds as China demand recovery optimism supports prices

Updated: 5 days, 23 hours, 28 minutes, 14 seconds ago

Oil rebounds as China demand recovery optimism supports prices

Crude oil prices rebounded on Wednesday as demand recovery hopes in top importer China following its exit from COVID-19 pandemic curbs provided support after prices dropped in the previous session on concerns about global economic growth.

Brent crude futures gained 59 cents, or 0.uptrend after the previous drop.he week, extending the upside for the second session in a row.Join Telegram WTI steadies after two-day downtrend, mildly bid of late.

7%, to $86.72 per barrel by 0214 GMT after falling 2.WTI now targets the December peak above $83.3% in the previous session.00 Prices of the WTI started the week in an inconclusive tone around the 81.U.00 on Friday.S.30, printing mild gains during early Wednesday in Asia.

West Texas Intermediate (WTI) crude futures rose 46 cents, or 0.That said, the December 2022 high at $83.In the meantime, it seems the 100-day SMA around the $82.6%, to $80.59 per barrel, having dropped 1.Information on these pages contains forward-looking statements that involve risks and uncertainties.8% on Tuesday.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.The economic worries were exacerbated by a bigger-than-expected build in U.You should do your own thorough research before making any investment decisions.6 from 45.

S.oil inventories that was reported after the market settled on Tuesday.It also does not guarantee that this information is of a timely nature.It also does not guarantee that this information is of a timely nature.U.S.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.crude stocks rose by about 3.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.1 market expectations with 46.

4 million barrels in the week ended Jan.The author will not be held responsible for information that is found at the end of links posted on this page.20, according to market sources citing American Petroleum Institute figures on Tuesday.That was triple the build of about 1 million forecast in a preliminary Reuters poll on Monday.The author has not received compensation for writing this article, other than from FXStreet.The author has not received compensation for writing this article, other than from FXStreet."But the build is expected to be temporary as the supply disruptions from a cold snap in the United States a few weeks ago would only impact on the data in the next couple of weeks," said Hiroyuki Kikukawa, general manager of research at Nissan Securities.Official data from the U.The author makes no representations as to the accuracy, completeness, or suitability of this information.On the other hand, the American Petroleum Institute’s (API) weekly US Crude Oil Stock report for the week ended on January 20 showed the addition of 3.

S.FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Energy Information Administration will be released later on Wednesday.Errors and omissions excepted."Expectations that China's fuel demand will recover in the second half of the year are growing and are likely to support the market sentiment," Kikukawa said, predicting that WTI will trade in a range between $75 and $85 a barrel in the coming weeks.Oil supply should remain steady for the medium term as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, a group known as OPEC+, is expected to keep their output quotas...the producer group's current oil output policy when it meets next week, five OPEC+ sources said on Tuesday, as the hopes for higher Chinese demand are balanced by worries over inflation and the global economy.Also challenging the energy benchmark prices could be the latest tension surrounding US and Chinese ties due to Beijing-based companies’ alleged role in the Russian war.

Reporting by Yuka Obayashi; Editing by Christian Schmollinger Our Standards:.

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25 January 2023, Wednesday News
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