WTI finds support above $82.00 amid Chinese deflation concern – by lilyfinancial Oil WTI Commodities
The IEA forecasts a 2.2 million bpd increase in demand in 2023; OPEC anticipates a 2.44 million bpd increase. Oil traders will closely watch US Retail Sales, FOMC Minutes, API/EIA oil data.
The Chinese inflation data released last week raised concern about the pace of China's post-pandemic recovery. The Consumer Price Index YoY fell 0.3% in July from 0% prior. This figure indicates the deflation in China. This, in turn, exerts pressure on WTI prices as China is the major oil consumer in the world.
On the other hand, the Organization of the Petroleum Exporting Countries and EIA stated that the outlook for the global oil market in the second half of the year is positive. Summer flight travel, increased oil consumption for power generation, and rising Chinese petrochemical activity are the main drivers of the IEA'sof a 2.2 million bpd increase in demand in 2023. While OPEC anticipates a 2.44 million bpd increase.
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