Oil futures are on track for big weekly gains Friday, lifted by expectations China's reopening will spark demand for crude.
Oil futures rose Friday and were on track for strong weekly gains, lifted by optimism over demand from China as the country lifts its strict COVID-19 curbs and reopens its economy.
Price action Market drivers Oil has bounced sharply this week, taking back the bulk of the previous week’s steep slide. Expectations about demand from China have been cited as a key driver, while fears of a steep global economic downturn appear to have faded as signs of easing U.S. inflation have led investors to look for the Federal Reserve to slow the pace of monetary tightening in 2023.
China’s December crude imports came in at 10.9 million barrels a day, up 830,000 barrels a day from the previous 11 months of 2022, he said, while satellite imaging indicators suggest that crude inventories have been steady over recent weeks, but down around 30 million barrels from the summer 2022 peak.
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