China increases its crude oil purchases.
Due to better demand projections in China and lower US inflation, oil registered a weekly rise after a sluggish start to the year.
China upped its crude oil purchases last week in response to Beijing’s new import restriction, and the country’s exit from COVID Zero is expected to result in record-breaking growth in consumption this year.
WTI is up about 6% this week.
In December, US consumer prices showed their first monthly decrease since 2020, raising hopes that the Federal Reserve may scale down its rate increases, which would boost the positive mood in the financial markets.
After having a rough start to the year, oil prices are now increasing, and many analysts believe that in 2023, oil prices will once again top $100 per barrel.