Oil prices stabilize as traders predict a bottom and China's import levels come into question.

Analysts predict that the recent slide in oil prices is starting to bottom out, with a more significant pickup expected in the coming quarters. The impact of OPEC+'s recent production cuts and the world moving into a higher demand season are seen as signs that oil prices have hit bottom. Financial services company ANZ also believes that the oil slump could bottom out soon, with global oil demand set to grow by 2 million barrels per day, keeping the market under-supplied throughout 2023. Goldman Sachs maintains its forecasts for a higher crude oil price tag, with Brent expected to rise to $95 per barrel by December and $100 per barrel by April 2024.