{"id":1789,"date":"2023-04-29T03:34:41","date_gmt":"2023-04-29T07:34:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/oil-prices-settle-higher-on-optimism-about-fuel-demand-in-china\/"},"modified":"2023-04-29T03:34:42","modified_gmt":"2023-04-29T07:34:42","slug":"oil-prices-settle-higher-on-optimism-about-fuel-demand-in-china","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=1789","title":{"rendered":"Oil prices settle higher on optimism about fuel demand in China"},"content":{"rendered":"
\n

By Laura Sanicola<\/p>\n

(Reuters) -Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer.<\/p>\n

settled up $1.07, or 1.3%, at $82.73 a barrel while U.S. West Texas Intermediate crude settled up 89 cents, or 1.1%, at $78.76.<\/p>\n

Last week, both contracts fell more than 5% for their first weekly declines in five as U.S. implied gasoline demand fell from a year earlier.<\/p>\n

China’s bumpy economic recovery after the COVID-19 pandemic has clouded the oil demand outlook, though Chinese customs data on Friday showed record volumes of imports in March. <\/p>\n

Bookings in China for trips abroad during the upcoming May Day holiday point to a continued recovery in travel to Asian countries, but the numbers remain far off pre-COVID-19 levels with long-haul airfares soaring and not enough flights available.<\/p>\n

“There’s a lot of optimism around Chinese holidays as it relates to jet fuel demand, the first genuine numbers on Chinese demand construction,” said Bob Yawger, director of energy futures at Mizuho.<\/p>\n

Supply tightness owing to additional supply cuts planned by the OPEC+ producer group from May could also lift prices.<\/p>\n

“Planned output cuts by the OPEC+ alliance and a strong demand outlook from China could provide a fillip to prices in the coming days”, said independent oil analyst Sugandha Sachdeva. <\/p>\n

Iraq’s northern oil exports also showed few concrete signs of an imminent restart after a month of standstill, as aspects of an agreement between Baghdad and the Kurdistan Regional Government (KRG) have yet to be resolved, according to four sources.<\/p>\n

Refining margins in Asia have weakened on record production from top refiners China and India, curbing the region’s appetite for Middle East supplies loading in June..<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Laura Sanicola (Reuters) -Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer. settled up $1.07, or 1.3%, at $82.73 a barrel while U.S. West Texas Intermediate crude settled up 89 cents, or 1.1%, at $78.76. Last […]<\/p>\n","protected":false},"author":1,"featured_media":1790,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-1789","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nOil prices settle higher on optimism about fuel demand in China | iFintechWorld<\/title>\n<meta name=\"description\" content=\"By Laura Sanicola (Reuters) -Oil prices settled higher on Monday, reversing losses as investors grew optimistic that holiday travel in China would boost\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=1789\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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