Oil price kicks off 2023 in decline as China worries persist
Oil futures traded lower Tuesday to kick off the new year, reflecting continued worries that surging COVID-19 cases in China will crimp demand from one of the world’s largest energy consumers.
Price action Market drivers Crude oil ended 2022 on a positive note, rising in Friday’s session. Investors have weighed optimism over the lifting of China’s strict COVID curbs, which were seen keeping a lid on demand from one of the world’s largest energy consumers, versus concerns over soaring infections.
The data moved in the same direction as China’s official manufacturing PMI, which fell more than expected, to 47.0, in December, the lowest level since February 2020.
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