How China’s Sputtering Recovery Is Hurting Crude Oil Prices
- Congestion and trucking figures show a recovery losing steam
- Imports to fade as inventories climbs to near two-year high
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The global oil market’s euphoria at China’s reopening has shifted to a realization that righting the economy after three years of pandemic restrictions is going to be a much harder slog than people first thought.
China is the world’s biggest buyer of crude oil, and while imports have rebounded this year, demand on the ground suggests a far more muted recovery. The economy has stalled in recent months, and forecasters who touted a swift return to $100 a barrel earlier in the year have gone decidedly quiet.