Oil prices stabilized in early trading today after falling by 2 per cent in the previous session, amid anticipation of Chinese economic data in search of economic recovery signs. Brent crude settled at $84.76 a barrel by 0004 GMT, while US West Texas Intermediate crude rose five cents to $80.88 a barrel. Prices fell yesterday as the dollar rose amid expectations that the US central bank may raise interest rates in May, which may undermine economic recovery hopes. According to France-Presse Agence, China is scheduled to release GDP data at 0200 GMT, and retail sales and industrial production data will be released later today. The International Energy Agency expected that the increase in demand coming from China would constitute the most considerable part of the total demand growth for 2023. However, it warned that the cuts announced by OPEC + producers could exacerbate the expected oil supply deficit in the second half of the year and could harm consumers and the global economic recovery.
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Economic newsApril 18, 20231 min read