Oil market held steady as investors digest bearish Chinese data

On Monday, 11 March 2024, oil prices barely moved as bearish Chinese statistics suggested decreased demand in the world's largest crude importer. Simultaneously, geopolitical strife that was first perceived as a constraint on global crude supplies appeared to be overlooked by oil investors.

The latest data showed China imported more crude oil in the first two months of 2024 compared to the same period last year, however, the figures were lower than the preceding months, signalling a trend of reduced purchases.

Brent futures rose by 13 cents to settle at $82.21/barrel.

WTI decreased by 8 cents to settle at $77.93/barrel.