Oil fluctuates on demand concerns, U.S. reserve restocking plan
BNN Bloomberg
Oil fluctuated as traders grappled with the outlook for Chinese demand and assessed comments from the US on refilling strategic reserves.
West Texas Intermediate swung between gains and losses before trading little changed near US$88 a barrel. Global benchmark Brent traded close to US$94.
China’s Chengdu was easing lockdown measures in parts of the city Thursday. The country is considering allowing its refiners to export more fuel in an attempt to help revive its economy, a move that has roiled global refined fuels markets in recent days.
The US Department of Energy, meanwhile, said that its plan to restock the nation’s emergency oil supply doesn’t include a trigger price, and that such purchases aren’t likely to occur until after fiscal 2023. Bloomberg News reported Tuesday that administration officials have discussed refilling the Strategic Petroleum Reserve, or SPR, should crude prices dip below US$80.
