Oil Markets Balance Fed Fears With Chinese Demand Optimism

April West Texas Intermediate crude oil futures edged lower on Thursday but were then pushed higher on Friday morning by a surprise announcement that Russia would cut production in March. The catalysts behind the selling pressure on Thursday were an easing of the supply destruction premium after oil infrastructure appeared to have avoided serious damage from the earthquake that devastated parts of Turkey and Syria, growing U.S. Inventories, and worries about Federal Reserve rate hikes. Nonetheless, the market remained supported by optimism over…