© Reuters. Crude Oil Asia Market: Positive signs of China’s demand outlook but Europe and the United States may lag behind
Investing.com – In the Asian afternoon session on Tuesday (17th), oil prices consolidated. Although a series of heavyweight economic data in China was better than expected, investors continued to wait for European and American economic data to assess the recession risk of these economies , while OPEC and the International Energy Agency (IEA) will publish monthly reports on the oil market.
Earlier, it was stronger than expected, but still significantly slower than before.
At the same time, , and , were also stronger than expected, bringing some optimism to China’s economic recovery.
However, market focus turned to the monthly report due tonight. Investors will need to pay close attention to how OPEC sees oil demand this year, given the expected recovery of China’s economy on the one hand and the potential for recession in several other major economies on the other. In addition, the monthly report will be released on Wednesday (18th).
Analysts expect China’s economy to recover and boost demand for crude oil this year, thanks to the country’s easing of epidemic prevention and control measures in December last year.
However, there are concerns that a potential recession in several other economies around the world could dampen demand. Two-thirds of private and public sector economists surveyed by the World Economic Forum in Davos expect a global recession this year. A survey of CEOs released by auditor PricewaterhouseCoopers also cast a bleak view on the economic outlook.
Later this week, investors will need to continue to focus on economic data, as well as U.S. inflation data.
Markets are cautious on growth prospects as sharply tightened monetary policy in 2022 begins to weigh on global economic activity. The slowdown in economic growth is not conducive to crude oil demand and may offset the positive impact of China’s demand recovery.
As of 13:55 Beijing time (00:55 am Eastern Time), Investing.com Commodity Markets showed: 25 cents, or 0.30%, at $84.71/barrel; 56 cents, or 0.70%, At $79.55 a barrel. Up 2.95 percent to $3.732.
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Compiler: Liu Chuan
