Oil wavers with risk-off mood outweighing China rebound hopes
BNN Bloomberg
Oil struggled to find direction as broader market concerns countered hopes for a big rebound in Chinese demand.
Oil struggled to find direction as broader market concerns countered hopes for a big rebound in Chinese demand.
West Texas Intermediate traded near US$80 a barrel. Disappointing tech earnings dragged markets lower, while weaker business activity reinforced Wall Street worries about the U.S. economy. The dour outlook comes after China’s reopening spurred some gains in the commodity.
Oil markets “are coming undone a little bit,” said Bob Yawger, director of the futures division at Mizuho Securities USA. Economic concerns combined with swelling U.S. crude inventories are weighing on the commodity, he said. While U.S. supplies rose by less than expected last week, they remain at the highest level since June, according to government data released Wednesday.
