rose Crude oil prices rose slightly in early Asian trading today, Tuesday, in a market focused on prospects for a recovery in Chinese demandthe world’s largest oil importer, and on the global economic outlook ahead of corporate earnings.
Brent crude rose five cents to $88.24 a barrel by 01:16 GMT, while US West Texas Intermediate crude rose 13 cents to $81.75 a barrel, according to Archyde.com.
Crude oil prices in physical markets started the year higher, as China, which is no longer operating under coronavirus restrictions, showed signs of more buying, and traders feared that sanctions imposed on Russia might lead to tighter supplies.
Investors returned to oil futures contracts at the fastest rate in more than two years as fears of a global business cycle contraction eased.
US investors are pretty sure that the Federal Reserve will implement a small increase in interest rates next week even as it continues its commitment to reining in inflation, which recent data shows is slowing.
This week, traders are watching for more business data that might indicate strength in global economies during earnings reporting season.
