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Oil Stable After China's Reopening

Crude oil prices were steady on Tuesday as concerns about a global economic slowdown and expected build in U.S. oil inventories were offset by hopes of a fuel demand recovery from top importer China.


Brent crude was up 7 cents, or 0.1%, at $88.26 a barrel and U.S. West Texas Intermediate (WTI) crude rose 14 cents, or 0.2%, to $81.76.

This week traders are watching for more business data as corporate earnings season gathers momentum, offering clues to the health of economies around the globe. On the inventory side, U.S. stocks of crude oil and gasoline were expected to have risen last week while distillate stocks were forecast to fall, a preliminary Reuters poll showed on Monday. Reports from the American Petroleum Institute and the Energy Information Administration are also expected this week. Additionally, Bank JP Morgan raised its forecast for Chinese crude demand but maintained its projection for a 2023 price average of $90 a barrel for Brent crude.


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