Oil edges higher Wednesday as investors gauge China demand and U.S. supplies.
Oil futures edged higher Wednesday as investors attempted to gauge China’s demand outlook, and industry data showed a surge in U.S. crude inventories.
Price action Market drivers Crude oil futures were ticking higher, remaining within a recent range. Crude has been underpinned by expectations China’s reopening from COVID-19 will boost demand from one of the world’s largest energy consumers. Trader conviction “is low given renewed hopes for a soft landing and optimism about China reopening being weighed against economic uncertainties and growing concerns about the Department of Energy’s commitment to buy oil at $70/barrel due to funding and liquidity issues ,” wrote analysts at Sevens Report Research in a Wednesday note.
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