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☆ Oil holds steady as economic fears weigh against potential crude draw
  + stars: | 2023-05-02 | by ( Laura Sanicola Emily Chow | Laura Sanicola | Emily Chow | ) www.reuters.com   time to read: +2 min
Brent crude was up by 7 cents to $79.38 a barrel by 0425 GMT, while U.S. West Texas Intermediate (WTI) crude rose 11 cents to $75.77 a barrel. China's manufacturing activity unexpectedly fell in April, official data showed on Sunday, the first contraction since December in the manufacturing purchasing managers' index. China's industrial and economic recovery from the coronavirus pandemic was expected to boost demand this year. "Crude oil fell after weak economic data from China raised concerns about a patchy recovery," said analysts in an ANZ Research note, referring to China's manufacturing activity data. Meanwhile, a Monday poll showed that U.S. crude oil stockpiles are expected to have fallen for a third consecutive week, providing some support to the market.
☆ Oil rises on China demand hopes; upcoming U.S. inflation data caps gains
  + stars: | 2023-01-12 | by ( Laura Sanicola Emily Chow | Laura Sanicola | Emily Chow | ) www.reuters.com   time to read: +3 min
Jan 12 (Reuters) - Oil prices edged up on Thursday, building on gains in the previous session as China's demand outlook improved, though gains were limited ahead of upcoming inflation data from the United States. Both benchmarks rose 3% in Wednesday's session, boosted by hopes for an improved global economic outlook and concern over the impact of sanctions on Russian crude output. Top oil importer China is reopening its economy after the end of strict COVID-19 curbs, boosting optimism that demand for fuel will grow in 2023. Upcoming U.S. inflation data however is a key risk factor for oil, CMC Market's Teng added. An international price cap imposed on sales of Russian crude took effect on Dec. 5.
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