SINGAPORE : Oil prices dipped in early Asian trade on Monday, but held close to the highest levels since the start of the year on optimism that China's reopening will lift fuel demand at the world's top crude importer.Brent crude fell 36 cents, or 0.4 per cent, to $84.92 a barrel by 0116 GMT while U.S. We
SINGAPORE : Oil prices dipped in early Asian trade on Monday, but held close to the highest levels since the start of the year on optimism that China's reopening will lift fuel demand at the world's top crude importer.
Both contracts rose more than 8 per cent last week, the biggest weekly gain since October, after China's crude imports rose 4 per cent year-on-year in December while Lunar New Year travel brightens the outlook for transportation fuels. The rebound in domestic demand is expected to lead to a 40 per cent drop in China's exports of refined oil products in January from December's figure, led by gasoline, trading sources and analysts said.
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