Oil prices eased on Friday, with major benchmarks headed for their second straight week of losses, as the market awaited further signs of fuel demand recovery in China to offset looming slumps in other major economies.
Oil prices drifted lower in early trade on Monday, thinned by the Lunar New Year holiday in east Asia, but held on to most of last week’s gains on the prospect of an economic recovery in top oil importer China this year.
Oil prices climbed on Monday as the borders reopened in China, the world’s top crude importer, boosting the outlook for fuel demand growth and offsetting global recession concerns
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.
China, the world’s largest buyer of crude, has opened the door to trading crude oil and natural gas in its local currency, rather than the US dollar, although it’s not clear a change would happen anytime soon.