• West Texas Intermediate futures climbed above $74 a barrel on Monday after ending last week 8% lower. An official at China’s central bank said the nation’s growth would be back on track soon as Beijing provides more financial support to households and companies, according to an interview with People’s Daily.
  • The Federal Reserve may lean toward smaller interest-rate rises after wage growth cooled in December, another stepdown in its aggressive campaign of monetary tightening. That put pressure on the US dollar and added to tailwinds for commodities priced in the currency.
  • Oil has had a weak start to 2023 as forward curves signal ample supply and thin liquidity leaves futures prone to wild swings. However, there’s a growing chorus of bullish voices, with top hedge fund manager Pierre Andurand saying crude could exceed $140 a barrel this year if Asia fully re-opens after Covid-related lockdowns