GDP data from China set to impact global oil markets
A woman hugs another returning on one of the few overseas flight arriving at the Beijing Capital International Airport in Beijing, Tuesday, March 14, 2023. China will reopen its borders to tourists and resume issuing all visas Wednesday after a three-year halt during the pandemic as it sought to boost its tourism and economy.Data due out from China this week will help set the tone for crude oil prices, though weakness elsewhere could create headwinds for any major gains, market analysts said.
Supply-side strains from OPEC+ should be balanced by those weak growth forecasts, according to Paul Hickin, the London-based editor-in-chief at Petroleum Economist. China, the world’s largest economy after the United States, is on pace to expand to 5.2 percent this year from 3 percent in 2022. Monday’s reading of gross domestic product, along with industrial production and retail sales figures, should provide a better clue about the pace of recovery since the end of COVID-19 restrictions in China.
“If China isn't running on all cylinders, it changes the calculus and supply outpaces demand into the third quarter,” he cautioned.
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