Traders Turn Bullish On Oil As Majors Report Earnings

Oil majors are rounding up the 2022 financial year with outstanding profit numbers, a development that faces strong backlash from the Biden Administration. Chart of the Week China’s Generous Export Quotas Might End Soon - Absent a strong domestic rebound in oil consumption, Beijing has provided oil refiners with massive import quotas and huge product export quotas to stimulate China’s industrial activity. - Despite some promising signs, Chinese oil imports are set for a 1.5 million b/d decline month-on-month, plunging back to lockdown-era…