Crude prices have carry-over support from Monday when Saudi Aramco unexpectedly increased the price of its Arab Light grade crude shipped to Asian customers in March by 20 cents a barrel versus an expected cut of 20 cents. That was the first price increase for that crude grade since September.
oil demand in China is picking up as the economy reopens, a bullish factor for crude. oil demand in China in mid-January rose to 15.5 million bpd from 14.5 million bpd in late November.
Crude prices are also weighed down by recent Fed comments that suggest the Fed will continue to raise interest rates, which would slow the economy and energy demand
please see big picture as below
oil demand in China is picking up as the economy reopens, a bullish factor for crude. oil demand in China in mid-January rose to 15.5 million bpd from 14.5 million bpd in late November.
Crude prices are also weighed down by recent Fed comments that suggest the Fed will continue to raise interest rates, which would slow the economy and energy demand
please see big picture as below
Comment:
see big picture