West Texas Intermediate was little changed above $80 a barrel after declining by almost 2% on Tuesday as mixed corporate earnings spurred concerns about a US slowdown. China’s ditching of COVID Zero has boosted expectations that energy demand will eventually pick up in the world’s largest crude importer.
Delegates from the Organization of Petroleum Exporting- Countries said that they expect an advisory committee of ministers to recommend keeping oil production at current levels when they meet next week.
Crude has rebounded since collapsing about 10% in the year’s first two sessions of the year on recessionary fears. The recovery has rested largely on hopes that Chinese consumption will pick up, although a weaker dollar has also aided commodities. Traders are also tracking Russian flows, with sanctions and price caps on petroleum products set to kick in next month as Europe and the US step up efforts to deprive Moscow of funds to fight its war in Ukraine.
CONNECT WITH US
45th Floor, GT Tower International, Ayala Ave.
cor. H.V. dela Costa St., Makati City