Oil Steadies as Fed Concerns Vie With China Optimism

(Bloomberg) — Oil steadied after a two-day gain as concerns over tighter U.S. monetary policy vied with optimism over a revival in Chinese demand.

West Texas Intermediate held near $78 a barrel after adding 2.7% over the previous two sessions. The Federal Reserve has been signaling that it will need to push rates higher to rein in inflation. That’s overshadowing signs that Chinese demand will recover after the biggest oil importer abandoned its “zero-Covid” policy.