Volatility in the oil market has persisted as the uncertainty over the global economic slowdown continues to weigh on the demand outlook.
On Monday, Crude oil prices recovered from several days of decline after the market readjusted to OPEC+’s output cut.
Brent crude increased by 1.36% to trade at $92.88 per barrel, while the West Texas Intermediate went up by 1.38% to trade at $86.79 per barrel, according to Oilprice.com.
In the meantime, oil traders are observing China’s buying activity for clues about demand in the world’s largest crude importer and how that may affect prices.
Oil Prices Rebound As Market Volatility Persists
Low growth in the Chinese economy has added to the series of bearish factors affecting the global oil market.
Analysts have also suggested that the focus has shifted to the demand side after the recent meeting by OPEC+. The market is now waiting for the next major outcome to provide some direction.