China and OPEC+ Provide Support for Oil Prices

Crude oil prices have found some support this week, driven by China’s economic recovery and OPEC+ production strategies. China, the world’s second-largest oil consumer, reported its fastest factory activity growth in five months, reinforcing optimism about future crude demand. Analysts view Beijing’s targeted stimulus measures as a potential catalyst for stabilizing global oil markets. OPEC+ has already acted to stabilize prices by extending its voluntary production cuts of 2.2 million barrels per day (bpd) until March 2025. These…