Oil Steadies as Market Awaits China GDP Data

Oil Steadies as Market Awaits China GDP Data
Oil Steadies as Market Awaits China GDP Data

Oil prices were steady on Monday as investors awaited Chinese economic data for signs of demand recovery in the world's second-largest oil consumer.
Brent crude futures nudged 7 cents lower to $86.24 a barrel, while US West Texas Intermediate crude was at $82.47 a barrel, down 6 cents, reported.
Both contracts notched their fourth weekly gain last week - the longest-such streak since mid-2022.
The release of China's first-quarter gross domestic product data this week is expected to be positive for commodity prices, with the International Energy Agency forecasting it will account for most of 2023 demand growth.
The data are due to be published on Tuesday. However, IEA warned in its monthly report that the output cuts announced by OPEC+ producers risked exacerbating an oil supply deficit expected in the second half of the year and could hurt consumers and a global economic recovery.
Further tightening supplies, oil exports from northern Iraq to the Turkish port of Ceyhan remain at a standstill almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorized exports. 
Rising costs for Middle East crude supplies, which meet more than half of Asian demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions.

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