Oil prices were steady in Asian trade on Tuesday, supported by hopes a solid economic rebound in China will drive up fuel demand, offsetting worries about further U.S. interest rate hikes potentially hurting demand in the world's biggest economy.
"China's economic recovery will drive its demand for commodities higher with oil positioned to benefit the most," JPMorgan analysts in a client note.
However the threat of more U.S. rate increases following stronger-than-expected new orders for core U.S.-manufactured capital goods in January, capped gains, with U.S. Federal Reserve Governor Philip Jefferson saying inflation for services remained "stubbornly high." The market will be looking out for the latest U.S. oil stocks data due from the American Petroleum Institute industry group on Tuesday and the government's Energy Information Administration on Wednesday for further demand indicators.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
House select committee on China set to hold first high-profile hearing on TuesdayThe primetime hearing comes amid increased tensions with China after the downing of a surveillance balloon off the coast of the U.S.
Read more »
China responds to US report endorsing lab leak theory, accuses US of ‘smearing China’China dismissed a new report that COVID-19 most likely originated from a lab on Sunday, calling the claim a 'smear' from the U.S. despite months and years of research.
Read more »
China responds to 'politicized' Wuhan lab leak theoryChina's Foreign Ministry said the theory was an attempt to smear China.
Read more »
Ighalo hits four as Al Hilal storm into Asian Champions League finalDefending champions Al Hilal crushed Qatar's Al Duhail 7-0 at Al Thumama Stadium in Doha on Sunday to secure their place in the final of the Asian Champions League and set up a third meeting in six years with Japan's Urawa Red Diamonds.
Read more »
Mayoral Candidates Hone Messages Ahead of Tuesday’s ElectionWhile polling on the Chicago mayoral race has been somewhat inconsistent, what appears clear from multiple polls is that incumbent Mayor Lori Lightfoot and challengers Paul Vallas, Brandon Johnson and U.S. Rep. Jesús “Chuy” García have pulled clear from the pack.
Read more »