Sidebar

Exclusive Reports

29
Fri, Mar

Oil Pushes Higher, China Moves To Boost Economy

Top Stories
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

Oil prices settled higher in early Asian trade on Wednesday, rebounding in volatile trading session as the market evaluated China’s plan to support its economy against a possible coronavirus lockdown in its capital Beijing. Brent crude futures rose 44 cents, or 0.4%, to $105.43 a barrel by 0418 GMT. U.S. West Texas Intermediate crude futures gained 12 cents, or 0.1%, to $101.82 a barrel. China’s central bank revealed on Tuesday that it will step up prudent monetary policy support to its economy as Beijing races to stamp out a nascent COVID-19 outbreak in the capital and avert the same debilitating city-wide lockdown that has shrouded Shanghai for a month. Any stimulus would boost oil demand.

Despite extended lockdowns in Asia’s biggest aviation market, China’s domestic flight demand has rebounded, pushing global airline capacity to its highest level in 2022 this week, travel data firm OAG said on Tuesday.

Crude prices settled about 3% higher on Tuesday in volatile trade as the market is torn between supply and demand concerns over Russian oil and gas disruption and a worsening global economic outlook.

Russia halted gas supplies to Poland on Wednesday, in a major escalation of Russia’s broader row with the West over its invasion of Ukraine, which Moscow calls a “military operation”.

The row sent NYMEX ultra-low-sulfur diesel futures higher more than 9% on Tuesday to settle at $4.47 a gallon, a record close.

 

BLOG COMMENTS POWERED BY DISQUS