Oil builds on a strong quarterly rise focusing on Chinese demand:
Oil prices stabilized after registering significant gains in the first quarter,
driven by hopes of a notable recovery in China and the associated increase in demand.
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Details

Details

Oil prices rose this year due to “OPEC+” cutting supplies to push prices up and offset
the increase in production from outside the group.
The alliance is expected to endorse its current production policy at its meeting held online on Wednesday.
Also contributing to price support were Ukrainian attacks
on Russian energy infrastructure and escalating tensions in the Middle East.

The price of Brent crude for June remained around $87 per barrel,
following a nearly 14% increase in the prices of the nearest-due
during the first three months of the year,
West Texas Intermediate crude exceeded $83.
March saw a recovery in the Chinese industrial sector, halting a five-month decline,
which increased optimism about improved consumption in the largest oil importer.

A note from Goldman Sachs stated that robust oil demand in Europe also helped boost prices,
noting weak US supply growth and the potential extension of “OPEC+.”
cuts until 2024 were also bullish factors.
Last month, the bank predicted that commodities would rise this year as central banks cut interest rates,
supporting industrial and consumer demand.

Trading volumes are expected to be low at the start of the week, as many economies,
including the United Kingdom, are on the Easter holiday.

Oil builds on a strong quarterly rise, focusing on Chinese demand.

Oil builds on a strong quarterly rise focusing on Chinese demand

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