Oil prices rise in thin trade in Asian markets as US dollar's strength eases while investors await data from China to gauge demand at the world's top crude oil importer
Oil prices rose in thin trade in early Asian hours on Monday as the US dollar's strength eased while investors awaited data from China to gauge demand at the world's top crude oil importer.
Oil found support from a combination of factors, including Chinese President Xi Jinping's comments at the Party Congress that reassured accommodative policies for the economy, a positive sign for demand outlook, CMC Markets analyst Tina Teng said. China is expected to release trade and economic data this week. Although its third-quarter GDP growth could rebound from the previous quarter, Xi's stringent Covid-19 policy has the world's No. 2 economy facing what will most likely be its worst-performing year in almost half a century.OPEC's oil decision
St. Louis Fed President James Bullard said on Friday inflation had become "pernicious" and difficult to arrest, and warranted continued "frontloading" through larger increases of three-quarters of a percentage point.
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