Crude oil prices were relatively stable in early Asian trade on Tuesday as investors focused on the global economic outlook and the possibility of a rebound in demand from top importer China in advance of company earnings.
Brent crude had risen 5 cents to $88.24 per barrel by 10.24 A.M (Thailand), while U.S. West Texas Intermediate (WTI) crude rose 15 cents to $81.77 per barrel.
As traders worry that sanctions against Russia may constrain supplies, and as China shows signs of greater buying now that pandemic curbs are no longer in place, crude oil prices in physical markets have risen to start the year.
OANDA analyst Edward Moya notes that crude prices are fluctuating due to a combination of a more stable dollar and news fatigue related to China’s reopening.
This week, investors are keeping an eye out for additional company data that could reflect the health of global economies.
