The markets are still cautious ahead of important economic data, such as the GDP data for China’s fourth quarter.
China’s economy is predicted to grow faster than the government-set yearly goal of 5%. But this growth is anticipat to be impact in 2022 by a declining comparative base.
In 2023, China imported record amounts of crude oil. However, persistent economic weakness and high levels of inventory are predict to buck this trend in 2024.
December data on industrial production and retail sales are expect in the United States. Any increase in consumer spending is likely to have an impact on inflation expectations.
A major source of contention has been the uncertainty surrounding U.S. interest rates, with recent indications of inflation resilience having an impact on oil prices.