Oil prices were lower today as supply disruptions from the earthquake in Turkey are more limited than initially expected. The prospect of stronger demand from China provided some support to oil prices, as the world’s second-largest oil consumer ended more than three years of stringent zero-COVID policy. “We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1,” analysts from ANZ bank wrote in a note. “Overall, this should push global demand up by 2.1 million barrels a day in 2023.” Meanwhile, Brent traded further into backwardation with the front-month premium rising to $3\/bbl over contracts six months out. WTI traded down $.41 or -.5% to close at $78.06. Brent traded down $.59 or -.7% to close at $84.50.<\/p>\n\n\n\n
Oil prices were lower today as supply disruptions from the earthquake in Turkey are more limited than initially expected.<\/p>\n","protected":false},"author":2,"featured_media":6111,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[26],"tags":[],"class_list":["post-8706","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-petroleum-daily"],"yoast_head":"\n