Oil Down, Economic Growth Concerns Overshadow Potential Chinese Demand Rebound
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Oil was down on Friday morning in Asia, but was little changed as concerns about weaker economic growth eclipse expectations of a demand rebound in China.
In Asia-Pacific, fuel demand in China, the world’s top crude importer, could rebound. Shanghai eased some COVID-19 lockdowns and residents were free to shop for groceries for the first time in nearly two months.
Across the Atlantic, an imminent European Union ban on Russian oil gave oil a boost. Although the bloc proposed a new package of sanctions against Russia over its invasion of Ukraine on Feb. 24 earlier in the month, they have yet to be adopted.
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