Oil steadies as traders look to China to deliver demand boost
BNN Bloomberg
Oil was stable as traders waited for fresh signals on the state of Chinese crude demand after the nation ditched COVID curbs.
West Texas Intermediate for March delivery was little changed above US$81 a barrel after swinging between gains and losses on Monday. Futures trading volumes are likely to remain subdued during Asian hours, with many investors across the region on breaks to mark the Lunar New Year.
Oil has been driven higher over the past two weeks on expectations that the swift pivot in the world's largest crude importer may spur daily consumption to hit a record in 2023 as mobility and industrial activity pick up. Traders are also tracking the impact of tighter curbs on Russian energy flows imposed by the European Union and U.S. following the invasion of Ukraine.
“Across the barrel, we're seeing tightness in diesel and gasoline, the market remains jittery ahead of the Russian products sanction,” said Keshav Lohiya, a consultant at Oilytics. He sees “a mixture of fundamental tightening and open interest picking up” as the emerging themes in the market.
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Markets in Canada and the U.S. continued to trade lower while oil went up late morning on Friday as inflationary fears prevailed among investors.
Gold prices fell by 1.8 per cent on Friday as the dollar strengthened on a report that the United States will deploy extra troops in the Middle East, fanning concerns of higher oil prices, inflation, and with it, elevated interest rates.
Canada’s federally backed farm lender is offering financial aid to farmers, agricultural businesses and food companies hit by the spike in fertilizer and energy prices, it said on Friday.
Statistics Canada says retail sales were up 1.1 per cent at $70.7 billion in January, led by sales at motor vehicle and parts dealers.
As Qatar reels from an Iranian attack that has hobbled its giant natural gas company, its boss, who doubles as the country’s energy minister, says he had warned officials and executives of just such a danger should Iran’s own sites be hit.
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Wall Street is stumbling toward the finish line of a fourth straight losing week on Friday, but an ease in oil prices is taking some of the pressure off stock markets worldwide.