US API Weekly Crude Oil Stocks due later in the day.
Energy markets are hoping for a boost in Chinese demand.
West Texas Intermediate (WTI) US Crude Oil climbed into a fresh high on Tuesday, extending the week’s technical recovery as energy markets lean into expectations of an uptick in Chinese Crude Oil after post-holiday travel caused increased purchases of Crude Oil.
Travel following the Chinese Lunar New Year was much higher than expected in the bottom half of February, causing Chinese Crude Oil inventories to decline faster than expected and pushing up the rate of purchases from Chinese refineries. China’s increase in spending and post-holiday Crude Oil consumption has sparked hopes across barrel markets that Chinese barrel demand will remain high enough to sop up extra capacity.
Maintenance halts are also expected this year in mainland China, where reduced refining capacity is expected to reach a three-year high, further constraining supply of refined oil products within China.
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