Oil endured a choppy start to the week as the outlook for global growth in the face of interest-rate hikes was weighed against a pledge from China to revive consumption as COVID Zero is abandoned.
Brent crude fluctuated and traded near US$80 a barrel after losing more than 4 per cent in the final two sessions of last week. Trading volumes were below the 30-day average for both the global benchmark and West Texas Intermediate.Chinese President Xi Jinping said restoring and expanding consumption should “take the precedence” as leaders concluded a meeting to set priorities for 2023. That pledge may help buttress energy demand even as COVID cases surge and the reopening process turns bumpy.
Oil is still headed for a second monthly loss as concerns about recessions in the U.S. and Europe mount, with central banks continuing to tighten policy. In addition, Russian flows have so far proved to be resilient as a price cap imposed by the Group of Seven and European Union hasn't led to major disruptions. Among major buyers, India said it doesn't expect problems.
“The prospect of further rate rises will hit economic growth in the New Year and in doing so curb demand for oil,” said Stephen Brennock, an analyst at brokerage PVM. “China's recovery will not be a swift affair, with the situation likely to get worse before it gets better.”The January contract expires Tuesday. More-active February futures rose 1.1 per cent to US$75.31.In the U.S.
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