Oil Steadies as Traders Look to China to Deliver Demand Boost
(Bloomberg) -- Oil steadied as traders waited for fresh signals on the state of Chinese crude demand after the nation ditched Covid curbs.
West Texas Intermediate for March delivery was little changed above $81 a barrel after swinging between gains and losses on Monday. Futures trading volumes are likely to remain subdued during Asian hours, with many investors across the region on breaks to mark the Lunar New Year.

Oil has been driven higher over the past two weeks on expectations that the swift pivot in the world’s largest crude importer may spur daily consumption to hit a record in 2023 as mobility and industrial activity pick up. Traders are also tracking the impact of tighter curbs on Russian energy flows imposed by the European Union and US following the invasion of Ukraine.
“Signs of positive fundamentals across most commodity markets helped boost sentiment,” Australia & New Zealand Banking Group Ltd. said in a daily note. “Optimism on demand from China’s reopening is strong.”
Later Tuesday, traders will get an insight into movements in US inventories with estimates due from the American Petroleum Institute. Over the past two weeks, nationwide commercial stockpiles expanded by more than 27 million barrels, hitting the highest since June 2021, according to government figures.
Elements, Bloomberg’s daily energy and commodities newsletter, is now available. Sign up here.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news

Oil Climbs With Focus on OPEC+ Output Plans and Ukraine Talks

Diamondback Energy announces $4.08 billion acquisition to expand Permian presence

Oil Holds Declines on Prospect of Higher Russia, Iraq Supplies

Canada’s Conservative Leader Pitches Major Natural-Resource Revamp to Counter Trump

EPA Terminates Nearly 400 Workers Amid US Government Purge

Trump to Create White House Council to Drive Energy Dominance

Oil Steadies as Trump’s Reciprocal Tariffs Add to Trade Tensions

Isuzu to Build Car Plant in South Carolina as Trump Tariffs Loom

SoftBank Weighs Debt-Heavy Financing in $500 Billion AI Push
