Oil heads for weekly loss as China waits for signs of recovery |
MELBOURNE, Feb 3 (Reuters) – Oil prices It posted modest gains in early trade on Friday, but the market expected declines compensation It was headed for a second straight week of losses as it looked for signs of a strong recovery in fuel demand in China. other major economies.
Brent crude oil futures rose 16 cents or 0.2% to $82.33 a barrel. USAWest Texas Intermediate (WTI) crude oil futures rose 18 cents or 0.2% to 76.06 a barrel. dollars has been
So far this week, Brent is down 4.8%, extending its 1.1% loss from the previous week. WTI fell 4.5% after falling 2% the previous week.
Mixed signs of recovery in fuel demand in China, the world’s largest oil importer, kept the market under wraps.
ANZ analysts pointed to a sharp jump in traffic in China’s 15 biggest cities after the Lunar New Year holiday, while noting that Chinese traders were “relatively absent” from the markets.
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The prospect of an economic recovery in China after the easing of COVID-19 restrictions has buoyed the oil market this year, along with a weaker dollar that has made the commodity cheaper for holders of other currencies.
Dollar became cheaper because USA The Federal Reserve is not expected to raise aggressive interest rates, while other major economies are inflation although it decreases, it continues with larger rate increases.
Although supported by a weaker dollar, oil revenues are the world’s largest oil consumer USAThe outlook for slow growth in and England, Europelimited to recession in places including Japan and Canada.
“The crude demand forecast needs a clear signal that China’s reopening will be smooth and that US economic growth will not deteriorate rapidly,” noted OANDA analyst Edward Moya.
Reporting by Sonali Paul in Melbourne; Edited by Jamie Freed
Our standards: Thomson Reuters Trust Principles.
2023-02-03 05:45:13
Source – reuters
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