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Oil traded flat on supply concerns that counteract the demand uncertainty in China

07 Mar,2023
Oil traded flat on supply concerns that counteract the demand uncertainty in China

Oil prices muted on Tuesday post climbing for five sessions in a row, amid conflicting oil data from China and the Russian supplies concerns.

Brent crude futures ticked up by $86.36 per barrel while U.S. West Texas Intermediate crude inched up by $80.62 per barrel.

The two main gauges are expected to rise for a sixth session, which would be Brent's longest winning sequence in the last 10 months ago.

Advances in oil prices were limited by China’s diversified oil trade figures, where crude oil imports for the past couple of months declined by 1.3% from a year earlier to 10.4 million bpd, despite the fact that experts cited rising imports in February as evidence of improving fuel demand.

According to a preliminary poll conducted by Reuters, the U.S. reports on crude for the week ending March 3 are likely to show declines.

Taking into account earlier official Energy Information Administration data, this might be the first slump in ten weeks.

 

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