Oil Slips on U.S. Supply Build

The video discusses a significant increase in crude oil inventories, attributed to the IEA's adjustment factor, which affects crude prices negatively. Despite this, traders focus on the broader market picture, noting improved demand trajectories and the market's shift to backwardation. The IEA's latest release forecasts a rise in global demand, driven by China's economic reopening, which could lead to a market surplus in early 2023, potentially shifting to a deficit later. China's recent crude purchases and increased refinery activity are highlighted as key factors influencing the market.

What is the primary reason for the recent increase in oil inventories?

• Increased production by OPEC

• IEA's adjustment factor

• Decrease in global oil prices

• Higher demand from Europe

How has the IEA adjusted its forecast for global oil demand in the first quarter?

• Remained unchanged

• Increased by 500,000 barrels a day

• Increased by 1 million barrels a day

• Decreased by 500,000 barrels a day

What is the expected market condition for oil in the first half of 2023?

• Uncertain

• Deficit

• Surplus

• Balanced

Which country has significantly increased its crude oil purchases recently?

• United States

• China

• India

• Russia

From which country did China recently purchase 10 million barrels of crude oil?

• Saudi Arabia

• United States

• United Arab Emirates

• Russia