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 role is China expected to play in the crude oil market as its economy reopens?

What recent action has China taken regarding crude oil purchases?