Oil prices went down, Chinese refining activity| MENAFN.COM

Monday, 06 February 2023 12:11 GMT

Oil prices went down, Chinese refining activity


(MENAFN) Oil prices went down on Monday as a slowdown in Chinese purification activity improvement cast doubts over its crude demand future, while rising U.S. shale output proposed supplies would likely remain high.

BMI Research said in a note, including the possibility of rising supplies, "Demand is outperforming expectations amongst both developed and emerging markets... However, global crude inventories remain bloated and there are considerable uncertainties heading into 2018."

According to industry forecasts, Shale production in the largest U.S. oilfield should rise by as much as 300,000 bpd by December.

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