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(Bloomberg) — Oil rose as the US started seeking crude to refill its strategic reserves, but concerns are mounting over China’s economic recovery. Most Read from Bloomberg Turkey Latest: Erdogan Says Unclear If Vote Will Go to Runoff Turkey Set for Runoff as Erdogan Falls Just Short of Victory Chicago’s Empty Office Towers Threaten Its Future as a Major Financial Hub S&P ETF Barely Budges on Yellen’s Late-Day Notice: Markets Wrap Michael Burry Doubles Alibaba Stake in Big Bet on China Tech West Texas Intermediate edged toward $72 a barrel after closing 1.5% higher on Monday. The US solicited bids for as much as 3 million barrels of sour crude for its Strategic Petroleum Reserve, with deliveries planned for August and awards to be announced in June, the Energy Department said. China’s consumer spending and industrial activity grew at a slower pace than expected in April, adding to signs that the rebound post-Covid Zero is losing momentum. Crude processing held near a record, however. To get Bloomberg’s Energy Daily newsletter direct into your inbox, click here. The SPR purchase, while relatively small, indicates the US seems serious about refilling the reserve after doubts in recent months, said Warren Patterson, […]
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