Oil futures rise to their highest levels since early December as traders remain upbeat about China's reopening and the demand for crude.
Oil futures rose Wednesday to their highest levels since early December as traders remained upbeat about the reopening of China’s economy after Covid restrictions were lifted with the International Energy Agency boosting its forecast for crude demand growth in 2023.
Price action Market drivers The Paris-based IEA lifted its forecast for oil-demand growth this year by nearly 200,000 barrels a day to 1.9 million barrels a day. The extra demand means that the IEA now expects total oil demand this year to average 101.7 million barrels a day, well above pre-pandemic levels and a record amount.
The IEA raised its forecast for Chinese demand by 100,000 barrels a day to 15.9 million barrels a day.
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