Oil prices edged higher in choppy trading on Monday as markets weighed a return in demand from China against supply concerns and fears of slower growth in major economies curbing consumption.
Brent futures for April delivery rose $1.05, or 1.3%, to $80.99 a barrel, after trading between $79.10 and $81.25.
West Texas Intermediate crude gained 72 cents, or 1%, to $74.11 per barrel, after hitting a high of $74.41 and a low of $72.25.for China's recovery after the relaxation of COVID-19 restrictions. The International Energy Agency expects half of this year's global oil demand growth to come from China, the agency's chief said on Sunday, adding that jet fuel demand was surging.
Holding back gains however, Friday's blowout U.S. employment number raised expectations that the Federal Reserve's rate hikes will not end with a hard economic landing, and that the U.S. central bank may have more than one more rate increase left, which could curb economic growth and lower fuel demand.
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Oil rises in choppy trade on China demand hopesOil prices edged higher in choppy trading on Monday as markets weighed a return in demand from China against supply concerns and fears of slower growth in major economies curbing consumption.
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China's oil demand bounce may push producers to reconsider output, IEA saysOil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday.
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China's oil demand bounce may push producers to reconsider output - IEAOil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer, the International Energy Agency's Executive Director Fatih Birol said on Sunday.
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IEA’s Birol: China's oil demand bounce may push producers to reconsider output“Oil producers may have to reconsider their output policies following a demand recovery in China, the world's second-largest oil consumer,” Internatio
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Oil prices edge higher as IEA's Birol talks up China demand outlookOil prices inched up in early trade on Monday after falling around 8% last week to more than three-week lows as jitters over major economies outweighed signs of a demand recovery in China, the world's top oil importer.
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Oil prices edge up as IEA's Birol talks up China demand outlookOil prices inched up on Monday after falling 8% last week to more than three-week lows as concerns that slower growth in major economies may limit fuel consumption outweighed signs of a demand recovery in China, the world's top oil importer.
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