Oil futures rose Friday, with major benchmarks on track to score a second winning week on optimism over Chinese crude demand as the country lifts its COVID-19 restrictions.
Price actionMarket drivers Crude stumbled in the first week of 2023 but subsequently found its footing, lifted by expectations that China’s lifting of COVID-19 restrictions will lead to an increase in demand for crude from one of the world’s largest energy consumers. China’s COVID curbs were seen as a weight on demand, helping to keep a...
Price action Market drivers Crude stumbled in the first week of 2023 but subsequently found its footing, lifted by expectations that China’s lifting of COVID-19 restrictions will lead to an increase in demand for crude from one of the world’s largest energy consumers. China’s COVID curbs were seen as a weight on demand, helping to keep a lid on prices.
“As China embarks on a week of New Year festivities, there will also be no positive impetus from this direction, meaning that prices are likely to trend sideways,” said Barbara Lambrecht, commodity analyst at Commerzbank, in a note. The Chinese government expects over 2.1 billion journeys to be made during a 40-day travel period around New Year’s Day, which falls on Sunday.Fears of a U.S. recession and a global economic downturn, however, were seen as a cap on prices. Investors this week saw a mixed bag of economic data, including signs of further weakness in the U.S.
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