Oil – further signs of rebounding demand in China | Forexlive

A snippet from ANZ. Analysts there note that price remains under pressure with further Fed rate hikes ahead to curb demand (at the margin). Also:

• stockpiles of crude up almost 24mbbls over the past two weeks
• EIA gasoline supplied (a proxy for demand) hit its second lowest level since 2014

On the other side of the coin is China:

• further signs of rebounding demand in China. Mobility data shows a strong recovery in activity, with road congestion up 47% m/m in February. Flight schedules remain high after the Chinese New Year holiday.

Oil update: