China and OPEC+ pricing in oil

For oil, the outlook for a Chinese opening continues to shape demand expectations, while signals from the OPEC+ front are also weighing on pricing. Oil rose as investors monitored China’s demand recovery and the possibility of OPEC+ supply changes. U.S. crude rose to $81 after falling almost 2% on Tuesday. Brent crude also traded around $86. China’s abandonment of its COVID-19 policy had supported expectations that energy demand would rise for some time. The coalition expects to keep oil production at current levels at the next meeting, OPEC+ delegates told Bloomberg. Investors are also eyeing supply from Russia. Sanctions and a price cap on petroleum products come as Europe and the U.S. step up efforts to deprive Moscow of funds to fight its war in Ukraine next month. “Oil prices are trying to parlay some losses. But the risk environment doesn’t provide much confidence,” said Yeap Jun Rong, PTE strategist at IG Asia.