Jon Shapley, Houston Chronicle / Staff photographer The price of crude oil will likely swing this week on COVID 19 measures in China and data that could confirm whether U.S.
inflation is indeed easing, analysts said.
A late-week rally was supported in part by China’s decision to cut the amount of time that international travelers need to stay in quarantine as part of a potential easing of tight social restrictions. Should Beijing decide to open up even further, that could put a strain on limited petroleum supplies given China’s thirst for crude oil.But Bill Weatherburn, a commodities economist at Capital Economics in London, said he’s expecting just the opposite.
Any major pivot in COVID policies could shape the strategy for economic policymakers across the world given China’s strength as a manufacturer and its healthy appetite for crude oil. The global economy is slowing -- largely due to high energy prices and other disruptions caused by the Russian invasion of Ukraine -- and some European economies are sliding toward recession.
Should the PPI also show that inflation is retreating, it could lead to Federal Reserve to slow the pace of its interest rate increases
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