{"id":93755,"date":"2023-02-27T00:00:00","date_gmt":"2023-02-27T00:00:00","guid":{"rendered":"https:\/\/lebanonnewsgazette.com\/oil-prices-dip-as-traders-wait-for-chinese-demand-to-rebound\/"},"modified":"2023-02-27T00:00:00","modified_gmt":"2023-02-27T00:00:00","slug":"oil-prices-dip-as-traders-wait-for-chinese-demand-to-rebound","status":"publish","type":"post","link":"https:\/\/lebanonnewsgazette.com\/oil-prices-dip-as-traders-wait-for-chinese-demand-to-rebound\/","title":{"rendered":"OIL PRICES DIP AS TRADERS WAIT FOR CHINESE DEMAND TO REBOUND"},"content":{"rendered":"
\n

Oil prices began the week’s trade with a slight loss before bullish and bearish factors reached something of a balance.<\/p>\n<\/p>\n

Brent crude was trading at $82.66 per barrel at the time of writing, and West Texas Intermediate was at $75.94 per barrel, both down by less than a percentage point from Friday’s close.<\/p>\n<\/p>\n

Last week, Russia was reported to have plans to reduce crude oil exports from its western ports by as much as 25% next month. This prompted expectations of tighter global supply, especially since the report came soon after an official statement that the country’s oil production would be reduced by half a million barrels per day in March.<\/p>\n<\/p>\n

Meanwhile, the U.S. Energy Information Administration continued to report sizeable weekly builds in crude oil inventories, which have now returned to levels above the five-year average after slipping below it last year.<\/p>\n<\/p>\n

As well as inventory builds, the Federal Reserve looks to be committed to more interest rate hikes as it seeks to put a lid on inflation. Rate hikes tend to push the dollar higher, depressing oil prices as the expensive dollar affects demand adversely.<\/p>\n<\/p>\n

“Oil looks like it wants to stay in a trading range until we have a clearer outlook with China’s COVID reopening and on how bad of a recession the Fed will induce for the U.S. economy,” OANDA senior analyst Edward Moya told Reuters earlier today.<\/p>\n<\/p>\n

Signs of recovery are coming from China, with consumption on the rise after the relaxation of zero-Covid rules. However, industrial activity is not rebounding in step with consumption, Bloomberg reported earlier today.<\/p>\n<\/p>\n

Analysts and traders will now be watching the next China PMI release, due out on Wednesday. If it confirms a rebound, oil prices will almost certainly move higher, in line with most forecasts.<\/p>\n<\/p>\n

Source: National News Agency – Lebanon<\/p>\n<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Oil prices began the week’s trade with a slight loss before bullish and bearish factors reached something of a balance. Brent crude was trading at $82.66 per barrel at the time of writing, and West Texas Intermediate was at $75.94 per barrel, both down by less than a percentage point from Friday’s close. Last week, … <\/p>\n

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