Oil prices rise on China demand recovery and supply concerns

MG News | February 20, 2023 at 10:55 AM GMT+05:00

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February 20, 2023 (MLN): Oil prices climbed on Monday due to positive sentiment regarding China's demand recovery, concerns about underinvestment impacting future oil supply, and major producers maintaining output limits, as Reuters reported.

Brent crude increased by 0.6% to reach $83.47 a barrel, while U.S. West Texas Intermediate (WTI) crude for March rose by 0.6% to $76.78 a barrel.

The recent announcement of the U.S. selling 26 million barrels of crude oil from its Strategic Petroleum Reserves may have put some downward pressure on the market, but global supply is expected to be stable or lower than the previous corresponding period after accounting for production cuts by Russia and OPEC+.

Analysts predict that China's oil imports will reach an all-time high in 2023, while Goldman Sachs analysts foresee a potential rise in prices towards $100 a barrel by year-end due to underinvestment, shale constraints, and OPEC discipline leading to future oil supply shortages.

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