Oil prices rose in early Asian trade on Thursday, clawing back some ground from more than one-year lows hit in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators.
Higher interest rates can lead to depressed demand for oil as economic growth slows, but concerns of a deepening financial crisis for the banking sector could also weigh on oil demand.
Meanwhile, figures showed China's economic activity picked up in the first two months of 2023 after the end of strict COVID-19 containment measures. Wednesday's monthly report from the International Energy Agency flagged an expected boost to oil demand from China, a day after OPEC increased its Chinese demand forecast for 2023.Thomson Reuters
Reports on oil and energy, including refineries, markets and renewable fuels. Previously worked at Euromoney Institutional Investor and CNN.
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