Oil prices moving in response to China's weak demand, output
Crude oil prices (CL=F, BZ=F) tick higher Monday morning after China reported weakening demand and oil refinery outputs.
"One of the things that a lot of people are missing, I think with China is how it's transitioning to more of a consumer-based economy rather than an industrial-based economy... it's trying to decrease energy intensity. So actually, I think you can read [that] demand, or... some of that data that came out today is relatively constructive," Energy Aspects Oil Analyst Christopher Haines tells Yahoo Finance.
Haines discusses the summer catalysts that could be pivotal to oil price patterns, stating there are "a lot of potential levers that could still be pulled if prices do get high."
Haines also comments on President Biden's bid to re-open US oil reserves if price pressures run too high.
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This post was written by Luke Carberry Mogan.
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