Oil prices held in a narrow range, though the outlook for demand was clouded by a weak manufacturing activity survey from China, and a warning from the head of the International Monetary Fund that the global economy faced a tough year ahead. | Reuters
“But there are a few factors in flux, major among them being the economy and China’s COVID exit, and factoring that in isn’t easy,” she added.
“The market cannot expect a rapid recovery of the Chinese economy after three years of , the mass bankruptcy of small and medium-sized enterprises, the soaring unemployment rate, the rapid increase in the social savings rate, and the rapid growth in the number of infections and deaths in recent months,” said Leon Li, an analyst with CMC Markets in China.
Further darkening the outlook, IMF Managing Director Kristalina Georgieva said on Sunday that the United States, Europe and China – the main engines of global growth – were all slowing simultaneously, making 2023 tougher than 2022 for the global economy. Societe Generale analysts said in a note dated Jan. 3 that the week that ended on Dec. 27, had seen the single largest weekly flow of funds into commodities during 2022.They said that out of $12.3 billion that flowed into commodities that week some $3.4 billion went into Brent, largely in reaction to Russia’s combative response to the EU and G7 imposed price cap on Russian crude exports to third parties.
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