Justin had the news on Tuesday:

• IEA warns latest oil price drop is running against backdrop of a supply crunch in 2H 2023

Regarding China, the International Energy Agency also raised its global demand outlook. It specifically pointed to strong Chinese demand:

• could grow by 2.2mb/d, about 200kb/d more than it previously forecast

On inventory the IEA expect:

• will deplete by 2mb/d in H2 this year

Earlier post on China:

• MUFG on the weaker data from China weighing on AUD

This article was written by Eamonn Sheridan at www.forexlive.com.

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