Oil steadied as recovering Chinese data counters US interest concerns

International benchmarks for crude remained stable on 18 April 2023 as the recuperating Chinese economy is seemingly taking the weight off the concerns over the potential US interest rate hikes. 

Brent crude settled a mere 1 cent or 0.01% higher at $84.77/barrel while West Texas Intermediate crude rose 3 cents or 0.04% at $80.86/barrel. 

China’s economy is gaining traction faster than expected with a 4.5% growth in the first quarter while oil refinery throughput climbed record levels in March. Despite the positive developments, it is worth mentioning that the larger picture in regard to the Chinese economy hints at a market that is under supplied, according to Phil Flynn, an analyst at Price Futures Group.