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Optimism On China Supports Prices

OIL

Oil prices are up slightly on the day with WTI trading around $89.15/bbl +0.2% and Brent around $96.30 +0.3%, boosted by expectations of increased Chinese demand in a persistently tight market. However, prices are still below the early November highs.

  • China eased some Covid restrictions while providing a package to support its troubled property sector. Since China is the world’s largest importer of crude, these developments are seen as potentially increasing global oil demand. Given the tightness of supply heading into the Northern Hemisphere winter, these expectations could support prices going forward as global growth slows.
  • WTI prices are around their 10-day simple moving average, but remain above the 20- and 50- day MA.
  • Tonight there are a number of Fed speakers, who may take the opportunity to remind markets that rates are still rising. Hawkish comments could boost the USD and weigh on oil prices.
Energy BulletsCommodities
Energy BulletsCommodities

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