Oil prices edged up from multi-month lows on Monday as investors’ appetite improved following data on U.S. jobs and Chinese exports that eased recession concerns.
Front-month Brent prices last week hit the lowest levels since February, tumbling 13.7 percent and posting their largest weekly drop since April 2020, while WTI lost 9.7 percent, as concerns about a recession hitting oil demand weighed on prices.
Chinese refiners drew down stocks amid high crude prices and weak domestic margins even as the country’s overall exports gained momentum. Oil demand for 2022 is now estimated to rise by 1.8 million bpd year-on-year and settle at 99.7 million bpd, just short of pre-pandemic highs, the bank said.
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