Oil dips, but hovers near 2023 highs on China demand optimism
Oil prices dipped on Monday, but optimism that China’s reopening from Covid restrictions will lift fuel demand in the world’s top crude importer kept prices near 2023 highs, reached after a surge in prices last week.
Brent crude fell 64 cents, or 0.8 per cent, to $84.64 a barrel by 0525 GMT, while US West Texas Intermediate crude was at $79.30 a barrel, down 56 cents, or 0.7 per cent, amid thin trade during a US public holiday.
Both contracts rose more than 8 per cent last week, the biggest weekly gains since October and that may have spurred some short-term selling to lock in the profits from the move higher.
