Optimism that Beijing's reopening from Covid-19 restrictions will lift fuel demand in the world's top crude importer keeps prices near 2023 highs
Singapore — Oil prices dipped on Monday, but optimism that China's reopening from Covid-19 restrictions will lift fuel demand in the world's top crude importer kept prices near 2023 highs, reached after a surge in prices last week.
“After the scale of the move last week, we could be seeing some profit taking,” said Warren Patterson, ING's head of commodities strategy, adding that thinner trading volumes would make any selling appear to be more pronounced. The rebound in domestic demand is expected to lead to a 40% drop in China's exports of refined oil products in January from December's figure, led by petrol, trading sources and analysts said.
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