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Oil prices steady amid China demand revival, high US stocks

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Oil prices struggled for traction on Thursday, as optimism over recovering Chinese demand was offset by concerns of weakening activity in the United States, after inventories hit their highest in months.

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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