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Oil Falls as Outlook for China, Global Economy Weigh

Started by Epoch-Times-Bot, Jan 03, 2023, 06:30 AM

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Epoch-Times-Bot

Jan 03, 2023, 06:30 AM
Oil Falls as Outlook for China, Global Economy Weigh

LONDON—Oil prices edged lower on Tuesday in volatile trade as weak demand data from China and a gloomy economic outlook weighed.
Brent crude futures fell 46 cents, or 0.54 percent, to $85.45 a barrel by 1017 GMT. U.S. West Texas Intermediate crude was down 38 cents, or 0.47 percent, at $79.88.
Both contracts rose by over $1 and Brent dropped $1 in earlier trading.
“Brent and WTI have recovered almost 15 percent from the lows a few weeks ago as traders continue to price in stronger Chinese demand,” Craig Erlam, senior market analyst at OANDA, said.
“The outlook remains highly uncertain though which should ensure oil prices remain highly volatile,” Erlam added....

Source: Oil Falls as Outlook for China, Global Economy Weigh

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