Oil steadied as traders weighed a Covid-19 outbreak in China and prospects for additional releases from strategic petroleum reserves, against a warning from Vitol Group that prices had likely sunk too far. | Fin24
West Texas Intermediate erased early losses to trade above $99 a barrel after collapsing 13% last week. China is grappling with a renewed coronavirus outbreak, hurting oil demand. Shanghai’s 25 million residents are almost all under some form of as the country added more than 13,000 daily infections, with state media reporting a case infected with a new subtype.
“It looks like the U.S. SPR move broke crude’s rally,” Vandana Hari, founder of Vanda Insights in Singapore. “A bit of relief on the supply front naturally makes space for the market to take in demand worries on the back of continuing outbreaks and lockdowns in China.” Investors will also get a clearer insight into the perspective of OPEC+ heavyweight Saudi Arabia in the coming days when Saudi Aramco releases official selling prices for May-loading cargoes. A Bloomberg survey of traders and refiners suggested pricing of its key Arab Light grade to Asia may rise to a record as some buyers seek alternatives to Russian crude because of the war.
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