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Data on Monday showed China's oil imports jumped to a five-month high in October, largely driven by an increase in import quotas for local refiners, as Beijing struggles to prop up economic growth.
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Crude Oil Price Today
Other indicators suggest that sluggish economic activity is likely to keep Chinese demand weak, although lower crude oil prices and rising inventories could briefly support Chinese oil imports.
The crude oil market got off to a choppy start to the week after Chinese authorities said they had no plans to ease the country’s COVID-19 lockdown, especially as it grapples with its worst outbreak since May.
The move signals more disruption to business activity in the world's largest oil importer, a trend that has battered the country's economic growth this year.
Brent crude futures rose slightly to $98 a barrel, while West Texas Intermediate crude futures rose 0.2% to $91.95 a barrel by 8:37 p.m. ET (01:37 GMT). Both contracts hit two-month highs on Monday, albeit in volatile trading.
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Dollar Price Against Crude Oil
A weaker dollar, fueled by expectations of a less hawkish Federal Reserve, appears to be the main driver of the recent rally in oil prices. Crude markets rallied last week after several Fed officials said they favored smaller interest rate hikes in the coming months.
Investors are now looking ahead to U.S. CPI inflation data due later this week, which is expected to factor into the Fed’s plans for further interest rate hikes. Rising interest rates have been one of the biggest drags on oil prices this year, as markets worry that tighter monetary policy will hurt crude demand.
In the US, focus is also on the midterm elections, starting today, which will see Americans vote to decide which party controls both chambers of Congress.
President Joe Biden has released oil from the country's Strategic Petroleum Reserve in an effort to lower gasoline prices ahead of the election.
But tightening supplies, especially after production cuts by the Organization of the Petroleum Exporting Countries (OPEC), have boosted crude prices. Tighter supplies are also expected to keep crude prices high in the coming months, especially if demand picks up during the winter.
Crude oil prices will be updated daily based on various sources. Find out more news through the GIC Journal. Use an ECN account to trade on GIC to get the lowest spread of zero. Also, don't forget to join the GIC Prize Fair to win a total prize of 1 billion without a draw!
