Price support was provided by supply concerns
London — Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply.
Bearish sentiment surrounded a contraction in China’s exports and imports in January and February, including crude imports. The decline came despite a lifting of Covid-19 restrictions, pointing to weakness in foreign demand. Price support, meanwhile, was provided by supply concerns. Chevron CEO Mike Wirth on Monday told at a Houston conference that there is “not a lot of swing capacity”, making the global market vulnerable to any unexpected supply disruption.
US crude inventories could register their first decrease in 10 weeks, a Reuters poll showed before official data is published this week.
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