Brent crude futures steadied above $84 per barrel on Thursday as investors weighed hopes for a rebound Chinese demand against concerns about further policy tightening from the Federal Reserve. Oil prices gained nearly 1% on Wednesday after data pointed to robust manufacturing and services activities in China, while top executives from Chevron Corp and Saudi Aramco signaled optimism about Chinese demand. Meanwhile, Atlanta Fed President Raphael Bostic called for continued rate hikes to above 5% to make sure inflation does not pick up again. The latest ISM report also showed that the US manufacturing sector contracted for a fourth consecutive month in February, adding to concerns about sluggish demand at a time when inventories continue to rise. Elsewhere, Russia recently revealed its plans to cut oil exports from its western ports by up to 25% in March, exceeding its previously announced output curbs of 500,000 barrels per day.
Short interest is low, and oil prices are holding.
Beach Energy Limited, page-7
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