Oil prices to hold steady as China recovers, West staggers
Guo Weimin, spokesperson for the Chinese People's Political Consultative Conference, second from right on stage speaks to journalists during a press conference at the Great Hall of the People in Beijing on March 3.Nearly 3,000 delegates gathered during the weekend to review legislative accomplishments from last year and lay out objectives, including growth targets, for 2023.
Jeff Mower, the oil news director for the Americas at S&P Global Commodity Insights, said oil prices have been searching for a clear direction indicator, from inflation to manufacturing data. Factors such as a Chinese recovery may already be backed into the market, he suggested. “The bulls are now pointing to the China’s National People’s Congress, hoping for signs of a more pro-growth strategy,” S&P’s Mower said on the meeting’s influence on crude oil prices. “But even if the NPC delivers, any expectations of further interest rate hikes out of the U.S. Federal Reserve will continue to limit crude price gains.”
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