Oil prices steady as market juggles supply and demand fears

Oil prices were little changed on Tuesday after five sessions of gains, with weak oil data from top crude importer China balanced by concern over supply.

Bearish sentiment surrounded a contraction in China’s exports and imports in January and February, including crude imports. The decline came despite a lifting of COVID-19 restrictions, pointing to weakness in foreign demand. Price support, meanwhile, was provided by supply concerns. Chevron Chief Executive Mike Wirth on Monday told at a Houston conference that there is “not a lot of swing capacity,” making the global market vulnerable to any unexpected supply disruption.

U.S. crude inventories could register their first decrease in 10 weeks, a Reuters poll showed before official data is published this week.

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