• West Texas Intermediate futures edged toward $75 a barrel after closing 1% higher on Monday. Saudi Aramco increased most of its prices for crude that will be shipped to its main market of Asia in March, amid growing optimism over a robust demand rebound in China following the end of Covid Zero. Supply outages also added to bullish tailwinds for oil.
• Turkey halted flows to the Ceyhan export terminal after a major earthquake, while output at Norway’s giant Johan Sverdrup field was lower due to a power disruption.
• Oil has endured a choppy start to the year, whipsawed by optimism around China’s reopening and fears over the prospect for a global economic slowdown. The market is also assessing the potential fallout from fresh European Union sanctions on Russian petroleum flows and how that will impact trade flows.