Oil Little Changed as Uncertainty over Ukraine, Global Growth Looms
Oil edged up on Monday as upbeat manufacturing data from China, the world's biggest crude importer, led to renewed optimism for fuel demand, although uncertainty about a Ukraine peace deal and global economic growth from potential U.S. tariffs loomed. Brent crude climbed 19 cents, or 0.3%, to $73.00 a barrel by 0720 GMT while U.S. West Texas Intermediate crude was at $69.95 a barrel, up 19 cents, or 0.3%. China's manufacturing activity expanded at the fastest pace in three months in February as new orders and higher purchase volumes led to a solid rise in production.
- The interplay between China's economic recovery and global oil prices highlights the complex dynamics of commodity markets, where both supply and demand factors are subject to significant uncertainty.
- Will the ongoing tensions between Russia and Ukraine continue to impact the global energy landscape, potentially leading to increased volatility in oil prices?