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Crude Recovers as IEA See Tight 2H23 Driven by China Demand and OPEC Cuts

OIL

Crude front month recovers back to flat on the day as the market assesses the impact of OPEC production cuts against a global economic slowdown.

  • The oil market will see a tight second half of the year according to IEA’s Fatih Birol. He added that the OPEC+ output cut might put upward pressure on oil prices with China's economy the most important factor.
  • “Of more than 2 million barrels a day of growth we expect this year in global oil demand, 60% is set to come from China,” he said.
  • The latest China trade data showed weak export growth but import growth was better than expected with higher crude imports.
    • Brent AUG 23 up 0.1% at 76.37$/bbl
    • WTI JUL 23 up 0.2% at 71.85$/bbl
    • WTI-Brent unchanged at -4.41$/bbl
    • Brent AUG 23-SEP 23 down -0.01$/bbl at 0.19$/bbl
    • Brent DEC 23-DEC 24 up 0.06$/bbl at 3.57$/bbl
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