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Oil Affected by Chinese, US Demand Indicators

Oil prices are mixed amid different demand indicators - AFP
Oil prices are mixed amid different demand indicators - AFP
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Oil Affected by Chinese, US Demand Indicators

Oil prices are mixed amid different demand indicators - AFP
Oil prices are mixed amid different demand indicators - AFP

Oil prices are mixed amid different demand indicators as China's latest data point to a fifth straight month of contraction in the manufacturing sector, while the US PCE index showed inflation in line with economists' expectations.

"Brent crude prices continued to trade sideways this week," analysts at commodities research firm BMI said in a note.

"However, timespreads for Brent futures contracts have widened. The move to stronger backwardation will be supportive of a more bullish stance for prices as markets are pricing in tightening in the months ahead." they added.

Meanwhile, uncertainty over a potential ceasefire in Gaza and expectations that OPEC+ will extend its production cuts into the second quarter continue to weigh on sentiment.

Brent crude was flat at $81.94 a barrel, while WTI was down 0.1% at $78.18 a barrel.

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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
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E-commerce Giant Alibaba Has Completed 3-year 'Rectification' Period

Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters
Alibaba Group has completed three years "rectification" following a fine levied in 2021 for monopolistic behavior. Reuters

China's State Administration of Market Regulation issued a statement on Friday saying Alibaba Group had completed three years "rectification" following a fine levied in 2021 for monopolistic behavior.
In 2021, the regulator slapped a record $2.75 billion fine on the e-commerce giant for abusing its market position by forcing merchants on its platforms not to work with rival platforms.
The regulator's statement said Alibaba's rectification work had achieved "good results" and that it would continue to "guide" Alibaba to continue to "regulate its operations and improve its compliance and quality."
The fine levied on Alibaba in 2021 came during a period of intense scrutiny for the business empire founded by billionaire Jack Ma, Reuters reported. A $37 billion IPO by the finance arm he founded, Ant Group, was also scuttled following Ma's public critique of the country's regulatory system in late 2020.
Alibaba, in its own statement, described the regulator's announcement on Friday as a "new starting point for development" and said it would continue to "promote the healthy development of the platform economy and create more value for society."