Oil futures continued to climb on Friday as traders fixated on improving demand prospects driven by China's economic reopening and expectations that the U.S....
Oil futures edged up again on Friday as traders fixated on improving demand prospects driven by China’s economic reopening and expectations that the U.S. economy could achieve a “soft landing” and avoid a recession later this year.
Price actionMarket drivers Market analysts blamed several factors for rising crude-oil prices including a U.S. economy that’s holding up stronger than expected, China’s reopening after lifting Covid restrictions, and the expectation that OPEC and its allies won’t boost production.... Oil futures edged up again on Friday as traders fixated on improving demand prospects driven by China’s economic reopening and expectations that the U.S.
Price action Market drivers Market analysts blamed several factors for rising crude-oil prices including a U.S. economy that’s holding up stronger than expected, China’s reopening after lifting Covid restrictions, and the expectation that OPEC and its allies won’t boost production. Europe’s oil embargo and price cap on Russian crude have also helped to bolster prices, said Stephen Innes, managing partner at SPI Asset Management, in emailed commentary while expectations about OPEC’s production plans were having a major impact on Friday.
“…[F]or today, expectations that OPEC will keep production steady amid China’s travel frenzy are supporting and nudging oil prices higher. Indeed, planes, trains, and automobiles will draw down multiple fuel inventory components, not just gasoline for cars,” Innes said.
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