Oil headed for a weekly gain of around 6 percent on China’s improving demand outlook and as US inflation cooled.
Oil has pushed higher after a rocky start to the year, with a raft of forecasters from Goldman Sachs Group Inc. to top hedge fund manager Pierre Andurand predicting prices will rally back abovein 2023. There are also tentative signs that trading activity has picked up in the new year.
“Markets are upbeat on what China is doing at the margin, but I don’t think everyone is sold on the roaring economy thesis,” said Vishnu Varathan, the Asia head of economics and strategy at Mizuho Bank Ltd. “Although a pullback from recession risks has given oil some breathing space, if prices rise too much, that could quickly scratch off the demand-side support.”
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