Oil pulls back from recent gains, but traders remain optimistic on China demand

Oil pulls back from recent gains, but traders remain optimistic on China demand

Oil futures edged lower on Tuesday, easing back after recent gains but underpinned by continued optimism over the demand outlook from China after the country dropped COVID restrictions. Natural-gas futures moved lower after posting a gain of more than 6% a day earlier on forecasts for colder U.S. weather. Price action West Texas Intermediate crude…

Oil futures score a weekly gain of more than 8% as China’s economic reopening boosts demand prospects

Oil futures score a weekly gain of more than 8% as China’s economic reopening boosts demand prospects

Oil futures on Friday posted a gain of more than 8% for the week, supported by optimism over demand from China as the country lifts its strict COVID-19 curbs and reopens its economy. Price action West Texas Intermediate crude for February delivery CL00, +1.93% CL.1, +1.93% CLG23, +1.93% rose $1.47, or 1.9%, to settle at…

Oil futures mark their first weekly loss in a month

Oil futures mark their first weekly loss in a month

U.S. oil futures finished with a modest gain on Friday, while global benchmark Brent crude declined, leading prices for both oil grades down by more than 8% for the week. Traders remained concerned about China‚Äôs COVID wave and uncertainty over the global economic outlook as central banks continue to tighten monetary policy. Natural-gas futures ended…