SINGAPORE : Oil prices fell in early trade on Wednesday after industry data showed a surprise build in U.S. crude inventories against analysts' forecast of a decline, reinforcing fears about weakening demand even as supply tightens.
"But I still expect that oil prices may continue their recent rebounding pace," she said, adding that previous selloffs, fuelled by fears of recession, had paused after two consecutive data releases indicated cooler U.S. inflation. "Any commentary from the Fed indicating further deceleration of rate hikes in the U.S. would be supportive to oil prices from here," said Baden Moore, head of commodities research at National Australia Bank.
ANZ Research analysts, citing data from Chinese firm VariFlight, highlighted signs of domestic travel picking up in China, with flight activity having surged to around 65 per cent of pre-pandemic levels on Monday, up from 22 per cent on Nov. 29.
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »