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Prices Being Driven By Demand News As Supply Situation To Stay Tight


Oil prices started the session down on confirmation from the Chinese National Health Commission that the current zero-Covid policies remain in place while Covid cases reported are at a 6-month high. With limited transport possible in China currently, a reopening of the country would be a considerable boost to demand for oil.

  • Prices have recovered slightly over the day with WTI currently trading close to $91.50 after Friday’s high of $92.87/bbl and Brent around $97.50 after $98.81. Supply in the sector remains tight, a trend which is likely to continue in 2023, and so demand concerns because of global growth uncertainty are currently driving volatility in prices.
  • China’s October imports of crude oil fell 2.7% y/y year-to-date and in USD -0.5% y/y. Oil product imports fell 10.9% y/y% YTD and exports -24.5% y/y.

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