Oil steadied as concerns over China’s economic rebound offset bullishness around a U.S. plan to start refilling its depleted strategic reserves.
West Texas Intermediate traded near US$71 a barrel after closing 1.5 per cent higher on Monday. China’s consumer spending and industrial activity grew at a slower pace than expected in April, adding to signs that the rebound post-COVID Zero is losing momentum. Crude processing held near a record, however.
Oil is 11 per cent lower this year as China’s lackluster recovery and a potential US recession weigh on the demand outlook. Ongoing talks on the U.S. debt limit are also unnerving markets, with Treasury Secretary Janet Yellen saying the nation is already paying a price for not yet increasing the ceiling.
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