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.
The black liquid has seen limited gains during the past week, with the Brent and U.S. benchmarks mostly trading in a range thanks to uncertainty in demand.
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.
Americans were also getting back behind the wheel, according to a report from the Federal Highway Administration on vehicle miles, even as gasoline and diesel prices hit record highs again on Thursday, according to Automobile club AAA. The U.S. House of Representatives on its part passed a bill allowing the president to issue an energy emergency declaration, making it unlawful for companies to excessively increase gasoline and home fuel prices.
Meanwhile, Russian supply is making it tougher for Iran to sell its’ crude, with exports to China falling sharply since the war in Ukraine began as China looks to heavily discounted Russian barrels. Almost 40 million barrels of Iranian oil are currently on tankers at sea in Asia without buyers.
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