- Oil reverses some of last week’s gains amid China’s modest growth forecast
- April ’23 WTI lost nearly $1 this morning to trade around $78.70/Bbl
- The rebound in Chinese demand remains top of mind despite global economies continuing to contract
- China’s government announced a GDP growth target of 5% for 2023 at the National People's Congress meeting
- The target is lower than some economists' forecasts and lower than 2022’s 5.5% growth target despite the nation abandoning its Covid-zero policy
- Additionally, the market will be watching Fed Chair Powell's remarks tomorrow as well as Friday's US Non-farm payroll data for indications about Fed's future rate-hike plans
- Saudi Arabia raises oil prices for Asia and Europe in April (BBG)
- Amin Nasser, CEO of Saudi Aramco, indicated that the kingdom is seeing an increase in oil demand and added, "the demand from China is quite high," and it's "excellent" in both Europe and the US
- The company's main Arab Light grade was raised to $2.50/Bbl over the Oman/Dubai regional benchmark, 50c higher than March’s selling prices
- AEGIS notes that the price hike comes as several new refineries in Saudi Arabia are set to begin operating soon, and this could limit the amount of oil available for exports