Oil prices remain flat on concerns over crude oversupply
US Federal Reserve and the European Central Bank (ECB). The oil prices are expected to get some support from the demand from the United States, which has sought up to 3 million barrels of crude for the Strategic Petroleum Reserve (SPR) in March 2024.
Economic data from China, the world's biggest oil importer, also pressured the oil prices. China’s latest consumer price index (CPI) data showed rising deflationary pressures as weak domestic demand cast doubt over the country's economic recovery.
On Friday, China pledged to spur domestic demand and consolidate and enhance the economic recovery in 2024. In the global stock markets, the US equities were mixed, with the Dow Jones edging higher and the Nasdaq nominally lower and the S&P 500 unchanged.
The European shares were slightly higher, with the pan-European STOXX 600 index rising 0.29%. The MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.29% lower.Milestone Alert!
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