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Oil is settling higher amid a balance between China's reopening and economic concerns
Oil is settling higher amid a balance between China's reopening and economic concerns
Crude oil prices stabilized today, Tuesday, amid concerns about the global economic slowdown and the expected increase in US oil inventories, which was offset by hopes for a recovery in fuel demand from China, the world's largest oil importer.
Brent crude rose 12 cents, or 0.1%, to $88.31 a barrel by 1450 GMT, and US West Texas Intermediate crude rose eight cents, or 0.1%, to $81.70 a barrel.
"The (US) economy may still see capital movement from one sector to another, and some energy sector players remain skeptical about the recovery in demand for crude from China this quarter," Edward Moya, an analyst at OANDA, said in a note.
This week, traders are watching for more corporate business data that could indicate the strength of global economies during earnings reporting season
On the side of inventories, a preliminary survey conducted by Reuters showed that US crude oil and gasoline stocks are expected to have risen last week, with distillate stocks declining.
