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Oil rose as traders took stock of China’s efforts to accelerate its economy and glimmers of strengthening demand from Asian buyers. Prices appeared to get a boost after China’s Vice Premier was reported to have said that the economy is in good shape . Brent futures subsequently ticked above their 50-day moving average for the first time since late April, providing fresh support to prices. “WTI crude prices are finally stabilizing above the $70 level as energy traders anticipate the start of summer should keep demand steady over the next few months,” said Ed Moya, senior market analyst at Oanda Corporation. In physical markets, Middle Eastern oil prices have risen amid a flurry of buying from refiners in China and Japan. Alongside busy trading activity in a key pricing window, spot differentials for some grades have doubled over the last week, an unusually large move over that time period. Read More: Fed’s Powell Says Higher Interest Rates Needed to Curb Inflation Oil has dropped in the first half of this year as China’s reemergence from its strict Covid Zero policies failed to gain traction and global crude supplies, including from Russia, proved abundant. In response, the Organization of Petroleum […]
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