Bears, Bulls Argue Over China's Effect on 2023's Oil Markets
Bears, Bulls Argue Over China's Effect on 2023's Oil Markets
Attachment: Fitch graph 2 , Fitch graph 1
Editorial by Geoffrey Lakings for Industrial Info Resources (Sugar Land, Texas)--Oil and gas prices will slump, unless China's economy grows faster than expected, Fitch Solutions forecasts.
It has definitely been an interesting start to this year for Crude & Products. Prices already are yo-yoing from a high near $83 early in January, to a low near $70 just last week. At first, bears seemed to have clawed control of the markets, as many thought an economic crisis would affect Global GDP, and hence energy demand.
However, of late, bulls have charged back onto the Street to wrestle market psychology from the bears, with the portent of China consuming copious copious amounts of hydrocarbons.
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