Oil Rises in Bid to Turn Corner After Moving Sideways for Months
- China demand, US economic outlook whipsaw prices in January
- West Texas Intermediate has fallen seven of last eight months
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Oil rose and showed signs of shedding its monthslong malaise as factors ranging from the end of the Federal Reserve’s rate increases to swelling demand in China give bulls more ammunition.
An OPEC+ advisory committee that meets on Wednesday isn’t expected to change its production outlook, putting upward pressure on prices as China’s lifting of Covid-19 restrictions increases global demand. Crude also is taking a cue from equity markets, which rallied on Tuesday as economic data pointed to cooling inflation that may give the Federal Reserve room to pause rate hikes.