Oil edged lower after slumping in the previous session, weighed down by concerns about weak demand due to the state of the global economy and China’s rising COVID cases. | Reuters
The Chinese government also increased export quotas for refined oil products in the first batch for 2023, signalling expectations of poor domestic demand.
“The market remains worried about the impact of macro factors such as the economic downward pressure,” said analysts from Haitong Futures. The Fed also raised interest rates by 50 basis points in December after four consecutive increases of 75 bps each. If the Fed intensifies its rate hikes, that could slow the economy and hamper fuel consumption.
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