Top
image credit: Needpix

Crude Oil Price Forecast: Demand Projection Fueled by Chinese Growth Outlook

March 7, 2023

Via: DailyFX
Category:

Crude oil is looking for its 6th consecutive positive day this Tuesday which has gathered steam from positivity around the Chinese economy. Although China revised growth forecasts (GDP) higher to 5% after a roughly 3% last year, markets were expecting something in the range of 5.5-6%. Markets have since dismissed this and seem to be focusing on the fact that there is a marked improvement which should lead to higher oil consumption while heightening the chance for GDP figures to outstrip the 5% projection. The end of 2022 saw an increase in stockpiles and thus spare capacity but since the China ‘re-open’ and removal over COVID restrictions came into play, this seems to be on the decline.

Read More on DailyFX