Oil Holds Two-Day Drop as US Oil Inventories Expand

The video discusses the impact of a stronger dollar on the market, focusing on crude oil inventories and the IEA's adjustment factor. It highlights the negative effect on crude prices but notes traders' focus on the macroeconomic picture. The IEA's improved global demand forecast, driven by China's economic reopening, suggests increased demand and potential market shifts from surplus to deficit in 2023. China's recent crude purchases and refinery activities are also emphasized.

What was the reported increase in inventories mentioned in the text?

How does the IEA's adjustment factor affect the understanding of crude supply and disposition?

What is the expected increase in global demand for crude oil according to the IEA?

What role is China expected to play in the crude oil market as mentioned in the text?

What recent action did China take regarding crude oil purchases?