China's manufacturing activity saw its best performance in 11 years, sparking a rise in Asian stocks and commodities. The data showed that the world's second-largest economy is seeing a solid rebound following the lifting covid restrictions.
WTI prices continued to rise on Wednesday on the back of several drivers, including Fed Chair's remarks, Chinese demand, the earthquake in Turkey and more.
Oil prices dropped on Monday ahead of OPEC+ and Federal Reserve summits as well as uncertainty regarding Chinese demand.
The first week of 2023 was not kind to the oil market, with the API showing stockpiles more than doubling expectations. Despite economic activity slowing down, China is making moves to import more oil, signalling a more robust demand.
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