Oil steadied as investors weighed the outlook for Chinese demand, while a weaker dollar made commodities more attractive for buyers.
West Texas Intermediate held above US$80 a barrel after ending little changed on Wednesday as earnings from U.S. companies streamed in. The number of virus-related deaths and severe cases at hospitals in China is now 70 per cent lower than peak levels in early January, authorities said late on Wednesday. That should aid a recovery in mobility and fuel consumption in the biggest oil importer.
Crude's latest leg higher follows a steep drop in the year's first two sessions on concerns over a global slowdown. The rebound has rested largely on hopes that Chinese consumption will pick up following years of lockdowns. Liquidity is also returning to the crude futures market, with open interest in global benchmark Brent rebounding to the highest level since February last year.
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