Oil prices rise on China demand optimism and weaker US dollar.
TL;DR
Oil prices rebounded after a significant drop on Wednesday due to a bearish inventory report and the Federal Reserve's warning of further interest rate hikes. The market is now focused on China's latest economic data, which will provide insight into oil demand prospects. While China's oil demand is expected to grow until 2028, the growth rate remains uncertain. Investment banks have revised their predictions for oil prices later in the year, citing Russian export resilience and uneven Chinese demand recovery.
- Oil Prices Claw Back Some Losses But Demand Concerns Remain OilPrice.com
- Oil futures up 3% on strong China refinery data, weaker US dollar CNBC
- Crude Sharply Higher on China Energy Demand Optimism Barchart
- Weak Chinese Economic Data Fuels Oil Demand Concerns OilPrice.com
- Oil set to snap two-week losing streak on China demand optimism Reuters.com
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