Oil prices edged up on Monday, supported by OPEC+'s plans to cut more output, while investors eyed Chinese economic data for signs of a demand recovery by the world's No. 2 oil consumer.
Brent crude futures nudged 17 cents higher to $86.48 a barrel by 0144 GMT, while U.S. West Texas Intermediate crude was at $82.66 a barrel, up 14 cents. forecast record demand in 2023 of 101.9 million barrels per day , up 2 million bpd on last year.
Rising costs for Middle East crude supplies, which meet more than half of Asia's demand, are already squeezing refiners' margins, prompting them to secure supplies from other regions.ahead of peak summer demand while cutting diesel production amid worsening margins.almost three weeks after an arbitration case ruled Ankara owed Baghdad compensation for unauthorised exports.
Earnings from U.S. companies could also provide clues for the Federal Reserve's policy path and the dollar's trajectory, she added. Traders are betting that the Fed will raise its lending rate in May by another quarter of a percentage point and pushed out to late this year expectations of a rate cut, as typically occurs in a slowdown.
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