Recession fears have kept the lid of oil prices since OPEC’s big production cut earlier this month, turning the market’s attention toward China to seek clues about the trajectory to the world’s section biggest economy.
China's President Xi Jinping. Oil markets will monitor the Chinese Communist Party Congress in Beijing this week for clues about the trajectory to the world’s section biggest economy -- and crude prices.
“China should be the top focus this week as the market seeks clarity on how the government will address the need to stimulate the economy,” Ole Hanson, the head of commodities strategy at Saxo Bank in Denmark, said.China releases latest reading on its economic growth on Monday. China’s economy grew 8.1 percent last year, but the International Monetary Fund said last week it’s expecting the pace of growth to fall by more than half to 3.2 percent for 2022.
Giovanni Staunovo, a commodities analyst at Swiss investment bank UBS, said record inflation – at a 40-year high for the U.S. economy – is stoking fears of a recession, which is the source of most of the recent weakness in the price of oil.The Organization of the Petroleum Exporting Countries and their non-member state allies, including Russia, are coordinated under the OPEC+ umbrella. Coupled with a looming European ban on Russian oil and the market looks to be getting much tighter from here.
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