Everyone is watching China reopening concerns over rapid COVID cases and deaths with the government trying to coverup data and news articles contradicting everything China claims plus they posted not-so-encouraging numbers with the economy and the #1 buyer of China krap is the US the same US heading towards a recession China reopening will backfire as time goes on and the facts of an improving economy might not come as expected. Once we get through the Dec data which can be deceiving because of the holidays with temp hiring and sales the economy will fade fast as we head into March but right now is the hype of it all till the cracks start to show.
But markets are still uncertain over the timing of a Chinese economic recovery this year, given that the country is grappling with its worst yet COVID-19 outbreak.
Fears of a global recession in 2023 have also limited gains in crude markets, amid several warnings of slowing growth in the world’s largest economies.
Oil prices move little as markets weigh China recovery, recession fears By Investing.com