Pipes lead to an Imperial Oil Ltd. refinery near the Enbridge Line 5 pipeline in Sarnia, Ontario, Canada, on Tuesday, May 25, 2021. Enbridge Inc. said it will continue to ship crude through its Line 5 pipeline that crosses the Great Lakes, despite Michigan Governor Gretchen Whitmer’s order to shut the conduit. Photographer: Cole Burston/Bloomberg (Bloomberg) — Oil edged lower, dropping for the first time in eight sessions, as traders took stock of the outlook for worldwide demand as China reopens while other parts of the global economy slow. Article content West Texas Intermediate fell toward $79 a barrel after rallying more than 8% last week. China ditched Covid-19 curbs in late 2022 after years of strict lockdowns. That’s set to improve economic activity and mobility, with analysts forecasting oil demand in the top crude importer will likely hit a record. Article content Crude has had a bumpy start to the year, collapsing in the opening week before rebounding. In addition to China’s swift pivot, support for crude prices in recent sessions has come from growing expectations that the Federal Reserve is now nearing an end to rate hikes, and a weakening dollar. Traders are also tracking the impact […]
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