Oil futures lose ground Tuesday as investors assess China's COVID policy.
Oil futures lost ground Tuesday as investors remained uncertain about the outlook for crude demand from China.
Price actionMarket drivers Oil futures have been buffeted by uncertainty around China’s zero-COVID policy, which has been seen keeping a lid on crude prices. Oil was lifted last week on rumors circulating on Chinese social media that officials were weighing a relaxation of the policy. Weekend news reports saw officials deny speculation around easing restrictions, but crude was lifted early Monday...
Price action Market drivers Oil futures have been buffeted by uncertainty around China’s zero-COVID policy, which has been seen keeping a lid on crude prices. Oil was lifted last week on rumors circulating on Chinese social media that officials were weighing a relaxation of the policy.
For now, however, the near-term trend still favors the bulls, they said. The $93.20 closing high for WTI from October is a key resistance level keeping crude in a trading range between roughly $78 and $93 a barrel, they said. “This week, midterm election results, CPI data , or further developments in China regarding Covid restrictions could help drive futures through resistance and to new multimonth closing highs,” they wrote.
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