Oil prices steady amid China demand revival, high US stocks

Federal Reserve officials on Wednesday said more interest rate rises are on the cards as the U.S. central bank presses forward with its efforts to cool inflation, although none were ready to suggest that January's hot jobs report could push them back to a more aggressive monetary policy stance.

"Travel has increased sharply in China following the Lunar New Year holidays. We expect Chinese oil consumption to increase by around 1.0 million barrels a day this year, with strong growth emerging as early as late in Q1," Daniel Hynes and Soni Kumari, analysts from ANZ bank, wrote in a note on Thursday.Meanwhile, BP Azerbaijan declared force majeure on Azeri crude shipments from the Turkish port of Ceyhan on Feb. 7 after a massive earthquake struck Turkey and Syria early on Monday.

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Drill, baby, drill: Biden attacks oil companies for not extracting more oilDemocrats face an awkward conundrum on wealth and taxes. More than ever before, Democrats are the party of the rich, yet much of their voting base craves class warfare. Renewables will not provide more than 50 percent of energy consumption for many years. Consumers, farmers, fishermen, and truckers use fuel. Higher fuel prices increase food prices and inflation. Politicians should stop opposing oil and gas production and pipelines. Total failure!!!
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