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WTI April futures settled at $77.05 on Tuesday, up $1.37, on hopes for a strong rebound in Chinese demand. Russian output cuts gave some additional support, while worries about higher U.S. interest rates and rising U.S. supply limited gains.
A Reuters poll showed oil expected to rise above $90 a barrel in the second half of 2023.
Expected Chinese demand recovery and a forecast price rise above $90 would raise energy input costs and biofuel feedstock values over the coming months.
fxempire.comJames HyerczykFeb 28, 2023Not enough comparable past events yet for a historical read.
Not enough comparable past events yet for a historical read.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
